Just found a nice boat, now what?

[adey]

Hello,
I've been searching for my first boat for a couple of months and think I've found the one.
She's a Sea Ray 260 Sundancer with a petrol Mercruiser.
Here are the facts;
My offer has been accepted and I've arranged a pre-purchase survey for next week.
I want to pay a deposit after the survey.
I have a berth reserved in Plymouth from 1st April so that's covered.
The boat is being sold privately.
She’s a UK boat with the original VAT invoice.
The current owner has a loan from Barclays Marine Finance.
I do not need to borrow any.


So,
Is there some sort of contract that I need to complete?
How do I settle his finance?
Is there anything else I should be aware of?
He seems like a genuine chap but I don't want to make a silly mistake with that sort of money.

Regards,
Adrian.
PS Look forward to meeting some of you in Plymouth /forums/images/graemlins/smile.gif

 

[Bandit]

You need to arange an engine survey with an independent engineer preferably a Mercruiser dealer including a compression test and a sea trial as the survey will not normaly cover the engine and its operation.

 

[jimduncan1]

I'd ask him to clear his loan as part of the terms of sale, then you can confirm it directly with his bank. I wouldn't take the chance of paying him the full value of the boat and risk being still left with the boat mortgage.

 

[enterprise]

Enter into a recognised bill of sale, link to MCA one below.

http://www.mcga.gov.uk/c4mca/mcga-the_mc...cga-msf4705.pdf

 

[SailorSam]

The RYA do an excellent booklet called Buying a secondhand yacht or words to that effect for about £5 and it includes a purchase contract and recommended proceedure. Absolutely ideal

 

[mercman]

Where is the boat i can recommend myself to have a look or a dealer friend in you area to inspect engine for you.

 

[adey]

Hi Mercman,
The boat is in Brighton.
The engine is a 5.0 EFI on a Bravo 2 drive with 165hrs.
Thanks for the replies so far, really helpful.
I was going to ring his finance company direct and clear the loan on the day of purchase. Good idea?

 

[Its_Only_Money]

Settling his finance and only paying him the balance seems a safe option, there probably won't be any method of checking that he only has the one finance arrangement on the boat unless it is registered AFAIK.

 

[longjohnsilver]

Think it's only a problem if he he has a marine mortgage which is unlikely. Then the boat should be Part 1 registered. If it's purely a finance agreement not secured against the boat then the debt will be his regardless.

 

[mercman]

have p`m`d you adey.

 

[mainshiptom]

I have always taken a marine mortage even if a few months later you pay it off !

you will get the comfort of the big boys checking that it is not stolen or has a company debt against it or a loan !

worth doing, a big loan company wioll not take the risk that you are taking !


Tom

 

[Roy]

Must agree. A rule of economics is, secure your investment. Best and safest by far!

 

[oldgit]

Re: is acceptable to pay off his finance direct if you feel any doubt.

When purchasing my last boat,got an agreed figure from his finance co and on the day of sale instructed my bank to do two money transfers,one to his finance co and one to his bank.His finance company then sent directly to me all the proof of ownership stuff that they held including statement that boat was free of any debt to them.Previous owner actually suggested this course of action