In at the deep end!

deep end

Don't get the secrecy thing about pending new boat purchases. Seems like it would be better to take advantage of the forumites' thousands of years of boating experience before you buy it??
 
poltergeist said:
This signing caper seems to be taking a long time - if you need to borrow a pen, you only need to ask! :D
Click to expand...

Finally, I have received the contract and signed it.

The survey has been performed by someone who is acceptable to the marine finance company and the report basically seems to say what as a layman I thought; that the boat is in good condition. There is a lot of complex technical terms in the document which means very little too me, but as one of the key items to be fixed was a leaky drain pipe from the cockpit wet-bar (because there is a fuse box beneath it) I knew it couldn't be in a really bad condition ;)

The surveyor initially recommended a engine survey of the two 240hp Yanmar diesel engines even though they only have 100 hours recorded. The weather has prevented this from happening as yet and the contract does not really leave much time for this to meet the exchange date, even if the wind/rain let-up.

The buyer has been very cooperative e.g. when I suggested that I would need a survey performed and that the boat would have to be lifted out of the water this was organised and they suggested that the boat was anti-fouled and the engines & outboards serviced at the same time since the annual service was due. The buyer has paid for this and I will refund upon completion. The fact that the engines have so few hours and the buyer has a very genuine reason for selling her gives me confidence to proceed if necessary without the engine service being performed prior to completion.

It is the paper-work which is causing me some small concern as the buyer was immediately able to send me the full service history of the boat and I can see that the engines have been serviced annually from when they bought the boat from the original retailer. The finance company have insisted on having all the title paper-work sent to them and that has been slow in coming through, the final item to be supplied is the original VAT invoice which needs to arrive before we can complete the sale. While I am sure that the seller is genuine the thread about how can you tell if their is outstanding finance on the boat is causing me a little worry. When I asked the finance company if they could protect me from this risk the answer was a 'no' but they can check with their competitors against the hull identification number. Oh well, I guess it seems I have to pay my 20% deposit to the buyer and hope that they are honest!

I have been making enquiries about where to keep the boat and now have some options. I have also made some queries about training as there is no way on earth I would dream of taking out a boat that I have just taken out a significant mortgage to buy without it! I have a vivid imagination and want to avoid the damage that I could cause on a 'suck it and see' basis :D
 
Seahope said:
It is the paper-work which is causing me some small concern as the buyer was immediately able to send me the full service history of the boat and I can see that the engines have been serviced annually from when they bought the boat from the original retailer. The finance company have insisted on having all the title paper-work sent to them and that has been slow in coming through, the final item to be supplied is the original VAT invoice which needs to arrive before we can complete the sale. While I am sure that the seller is genuine the thread about how can you tell if their is outstanding finance on the boat is causing me a little worry. When I asked the finance company if they could protect me from this risk the answer was a 'no' but they can check with their competitors against the hull identification number. Oh well, I guess it seems I have to pay my 20% deposit to the buyer and hope that they are honest!
Click to expand...

I wouldn't be too concerned about this if I was you - one of the simplest ways to make sure you've got good title to a boat is to take out a mortgage on it - because the mortgage co just won't lend on the boat unless the paperwork is straight. Ironically you'd have more to worry about if you were just paying cash - because then the onus would be on you to get the paperwork right, which as a first-time owner can seem quite daunting. If it was me in your position I guess at this stage I'd be focussing on getting the engine survey sorted out - a large chunk of the value of the boat is in the engines, so it would be wise to protect yourself while you still have time (ie before the purchase completes). Best of luck though, let us know how you get on.

Cheers
Jimmy
 
%

Since the recession, which of course is over ( :) ), all mortgages now require a higher % than before. I have just bought and 20% was the minimum that the mortgagor would allow. I doubt that you will get more favourable terms. Of course, if anyone knows better, I am sure that we will all be keen t olearn from where.
 
AllanJ said:
Since the recession, which of course is over ( :) ), all mortgages now require a higher % than before. I have just bought and 20% was the minimum that the mortgagor would allow. I doubt that you will get more favourable terms. Of course, if anyone knows better, I am sure that we will all be keen t olearn from where.
Click to expand...

Crossed wires here praps? I think gjgm might have been referring to a contract deposit, rather than a mortgage deposit.

Cheers
Jimmy
 
jimmy_the_builder said:
I wouldn't be too concerned about this if I was you - one of the simplest ways to make sure you've got good title to a boat is to take out a mortgage on it - because the mortgage co just won't lend on the boat unless the paperwork is straight. Ironically you'd have more to worry about if you were just paying cash - because then the onus would be on you to get the paperwork right, which as a first-time owner can seem quite daunting. If it was me in your position I guess at this stage I'd be focussing on getting the engine survey sorted out - a large chunk of the value of the boat is in the engines, so it would be wise to protect yourself while you still have time (ie before the purchase completes). Best of luck though, let us know how you get on.

Cheers
Jimmy
Click to expand...

Thanks for the advice. I'll act upon it.
 
jimmy_the_builder said:
Crossed wires here praps? I think gjgm might have been referring to a contract deposit, rather than a mortgage deposit.

Cheers
Jimmy
Click to expand...

Yes, this is the mortgage deposit which has to be paid to the seller before the finance company will pay the other 80%. The seller also has to pass over all the title deed documentation too as well as the Bill of Sale.
 
what boat?

The suspense continues! Guess at lest it is narrowed down a bit now that we know it is American...Anyone up for a guess?
* Action Craft
* Adrenaline Powerboats
* Advantage Boats
* Albemarle Sport Fishing Boats
* Alumacraft
* Alumaweld aluminum boats
* American Tugs -Tomco Marine Group
* Angler Boats
* Apache Power Boats
* Argo Boats Cats
* Arima Marine International
* Atlantic Boat Company
* Baja
* BassCat
* Bay Craft
* Bayliner
* Bay Master
* Belkov Yacht
* Bill Munson Boats
* Blackwell Boatworks
* Blazer High Performance Boats
* Blue Water Boats
* Blue Water Baby yacht tender
* Boston Whaler
* Bryant Boats
* Bullet Boats
* C-Dory Boats
* CF Boats
* C-Hawk Boats
* Cabo Yachts
* Calba Boats
* Calyber Boatworks
* Camano Yachts America
* Commander Boats
* Cape Horn Offshore Boats
* Carolina Skiff
* Caravelle Powerboats
* Caribiana Sea Skiffs
* Cascade Yacht Builders
* Century
* Champion Boats
* Chaparral Boat
* Checkmate performance boats
* Chris Craft
* Cigarette Racing
* Clark Island Boat Works
* Cobalt Boat
* Cobia
* Cobra Performance Boats
* Cold Water Boats
* Conquest Boats
* Contender
* Cougar Custom Boats
* Crestliner Boat Brunswick
* Crownline
* Davis Boats
* Deep Impact Boats
* Delta Boats .
* Don Smith Powerboats
* Donzi Marine
* Dragon Powerboats
* Duckworth Boat Company
* Duroboat.
* Dusky Marine
* Dyer Boats
* Eagle One
* Eagle Boats
* Ebtide
* EdgeWater Power Boats
* Egg Harbor
* Egret Boat Company
* Ellis Boat Company
* Eliminator
* El Pescador Boats
* Emerald Powerboats
* Envision
* Everglades Boats
* Farallon
* Fiesta Boats
* Fish-Rite
* Formula
* Fortier Boats
* Fountain Boats
* Four Winns
* G3 Boats Yamaha company
* G & S Boats custom
* Gambler Bass Boats
* General Marine - Downeast Cruisers & Lobster Boats
* Genmar
* Glastron
* Global Marine Specialties Tiger Trax
* Godfrey Marine
* Golden Pond Classic Boats
* Grady White
* Grey Barn Boatworks
* Hallett Boats
* Henley Boats
* Hewes
* Hewes Craft
* HTM2 Hight Torque Marine
* Hustler
* Hydra-Sports
* Inshore Powerboats
* Intreprid Power Boats
* Island Hopper
* Island Pilot
* Island Runner Boats
* Inland Seas Boat Company
* John Williams Boat Company
* JS Boatworks
* Kachina Power Boats
* Kazulin wood mahogany boats
* Kenner Boats
* Key West
* Klamath Boats
* Koffler Boats
* Lagoon Royal
* Lake & Bay Boats
* Larson Boats
* Lavey Craft
* Legasea Boatworks
* Lip-Ship Performance
* Luhrs (Luhrs, Mainship, Silverton)
* Lund
* Magic Powerboats
* Magnum Marine
* Mako Marine
* Malcom L. Pettegrow Custom Boats
* Mangrove Boats
* Marine Boatbuilders Company
* Marathon Boat Group
* Marlin Yacht fishing boats
* Mathew Brothers
* Maverick Boats skiff,
* Maxum a Brunswick company
* Mirage
* Montana Boat
* Motion Marine
* Nexus Custom
* Nordin Custom Boats
* Norstar Boats
* North River Boats
* Northwest Jetboats
* North Wind Marine
* Ocean Yachts
* Old Wharf Dory
* Oquawka Boats
* Outerlimits offshore powerboats
* Pacific Boats
* Pacific Skiffs
* Pantera Boats
* Parker Marine Enterprises
* Penn Yan
* Phantom Boats Performance Boats
* Piranha
* Pluckebaum
* Port Erie Catamarans
* Post Yachts
* Power Play Marine
* PowerQuest Boats
* Privateer Boat Company
* Progression Boats
* Proline Boats
* Pursuit sportfishing boats
* Rampage sport fishing boats
* Ranger Boats
* Rayson Craft Boats
* Regal Boats
* Regulator
* Release Boats
* Rinker
* River Hawk Boats
* Robalo sport fishing boats
* Rock Salt Boats
* Rosborough Boats
* Rybovich sportfishing boats
* Salt Shaker Boats
* Scout Boats
* SeaArk
* Seahawk
* SeaRay Boats a Brunswick company
* Shamrock Boats
* Shelter Island Runabout by CH Marine
* Skeeter
* Skiff Craft
* SkipJack Boats
* Smoker Craft
* Sonic USA
* Spectre
* Spencer Boatworks
* SportCraft
* Stan-Craft
* Starcraft Marine
* Stingray Boats
* Storm Hawk Boats
* Stratos Boats bass boats, a Genmar company
* Strike Yachts
* Sugar Sand Jet Boats
* Sunsation Powerboats
* Superboats
* SeaSwirl Boats- Striper a Genmar company
* Sylvan Marine
* Tracker Marine
* Triton Boats
* Triumph Boats a Genmar company
* Tuff Boat
* Tuffy Boats
* Ultra Custom Boats
* Van Dam
* Velocity Powerboats
* Vintage Marine
* War Eagle Boats
* Weld-Craft
* Weldcraft Marine Industries
* Wellcraft a Genmar company
* Wesmac
* Whiskey Creek Marine Sport
* Willie Boats
* Winninghoff Welded Aluminum Boats
* Wooldridge
* Workskiff
* Wrangler
* Xpress Aluminum Welded Boats
* Yamaha Boats
 
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