Paying for my new boat this weekend

[DoughMyDays]

My daily limit at least using the mobile app for Natwest is only a £1000 a day! .

This is going to get a bit orcs.

 

[Caer Urfa]

100% get a Bill of sale signed and witnessed see here for the MCA bill of sale most commonly used

If he's such a nice fella he should have no objections plus better for you if/when you resell the boat https://assets.publishing.service.g...ile/859259/MSF_4705_Rev_1118_Bill_of_Sale.pdf

 

[DoughMyDays]

100% get a Bill of sale signed and witnessed see here for the MCA bill of sale most commonly used

If he's such a nice fella he should have no objections plus better for you if/when you resell the boat https://assets.publishing.service.g...ile/859259/MSF_4705_Rev_1118_Bill_of_Sale.pdf

Downloaded and printed earlier today . I have informed him this is what I want to do and stated this bill of sale is pretty dam important, even the surveyor asked all about him providing one after he had finished his inspections.

Would it be a problem if my dad was a witness? or is it better getting someone completely non family related?

 

[Cardinal]

Better to have an independent witness.

 

[Tranona]

After being bitten before I would want money off if the seller can't produce the original VAT invoice from 1994

Why? There is no legal requirement to keep a VAT invoice and nobody cares with a near 30 year old boat.

 

[dunedin]

A bank draft is always a good alternative to cash and should be acceptable to the seller. I'm not up to date with costs but I would have thought not more than £20 for the amount you require.

Bank drafts used to be commonly forged, so less secure than an online transfer done on the day, which is generally easy enough, except that some banks have daily limits less than the OP needs.
Online transfer works best if buyer also in the modern world, and able to check the money has arrived by using their banking app. If the selling owner is oldie worldie could be the issue.

 

[William_H]

Here in Oz a bank cheque would be the way to go. (costs about 5 squid) That is if you don't want to go with cash. Bank transfers tend to be quite quick however there is often a limit on transfers. Suggest OP put himself in the place of seller and understand his being cautious. There have been scams of bank transfer from over seas that are rescinded after the event. So seller has a right to be cautious. ol'will

 

[DoughMyDays]

I followed your advice guys and put a small amount into the account and it went through literally in minutes. Ive now managed to source a card reader and the transfer amount daily with my bank is 20k per day so looks like we are all set to go regarding payment. The seller is also massive on online banking.

I am just waiting to see what the response is now to the bill of sale..

 

[davidpbo]

Check the transfer will complete instantly if happening during a weekend. I am not saying it won't but I would ask.

 

[dunedin]

Check the transfer will complete instantly if happening during a weekend. I am not saying it won't but I would ask.

Unless with some weird non Bank, an online banking or phone App will go through near instantaneously 7x24 (using Faster Payments). As the OP is aware, daily limits, particularly for new payees, are more likely constraints.

 

[sailaboutvic]

We brought and sold a few boats privately over the years some where 5 times the amount your buying your for , and yea it's nerves racking every time but if you take the route suggested by many here you won't go far wrong.
RYA bill sale it straight forward and the seller shouldn't have any reason to object to it .
Remember the seller also want to protect him self too .
14 /16 K you shouldn't have an problem transferring that on the same day as long as you have in your account

 

[Dukester52]

The reason I mention the lowering of limits re: mobile transfers is because I suspect it may be a new anti-fraud thing, and didn't want the OP to be caught out like I was (I reverted to PC banking rather than mobile for the transfer)

 

[duncan99210]

Just bought a motorhome and had to do the transaction over two days as the limit is £10k per day. Slight worry on the topic of disappearing vans but needn’t have worried as it all turned out ok.

 

[Hermit]

I had a £10k limit per transaction when I paid for my boat a couple of weeks ago - just had to make a few payments.

 

[Jim@sea]

I was buying a boat and the buyer wanted cash. £20.000 The boat was at his house so I did not mind going there (Worth a couple of Million) In hindsight I dont think it was his, It may have been his brothers as the name on the original sales invoice was different although the same surname, but a different address. I sold it 3 years later for £18.000 . The buyer wanted to pay in cash. It took nearly an hour to count it. I checked the buyer out as I had his address. On Google Street Maps it showed his address where he ran a large business the type of which would generate a lot of cash. In your case I would check him out. Get his address. Pay the Land Registry £6. to find out who owns the property he lives at. Ask to see his driving licence before you pay him. Ask to see a copy of the invoice when he bought it and telephone them to find out if it is on finance.
Many things you can do.

 

[crown22]

Same thing happened to me with a car a while back.Big house with a long driveway and electric gates in Cheshire.Son
asks me for cash deposit on a car which turned out to be owned by his father who was overseas at the time.