Paying for the boat

[oGaryo]

Have come up with a slight problem with taking ownership of the new boat... Finding a way of paying the seller on the day (a Saturday) seems a little challenging to say the least.. Nowt to do with the seller who's been nothing but accommodating, it's getting money from one bank to another expeditiously and reliably seems nigh on impossible..

Options pursued and discounted thus far:

1.. fast transfer from my building society: £1K limit so no good.
2.. standard electronic transfer: £10K limit and not same day transfer so no good.
3.. CHAPs payment.. not possible on a Saturday so again, not good.
4.. Building Society cheque.. receiving bank has advised seller it's not secure and won't clear until the following Thursday.
5. Paypal.. HUGE costs to the seller so not agreeable

Remaining amount to pay is a tad under £23K and I'd like to find an option where I can effect the money transfer shortly after conducting a final viewing of the boat in the morning when out the water.

Am I trying to find an option that simply doesn't exist and we need to rethink the approach of the handover?

thanks Gary

 

[BrendanS]

Bankers Draft, issued from a local (to the viewing) branch of your bank, with prior arrangement. Bank hand the draft directly to him while you are there, so no forgery concerns or sleight of hand? Assuming there is a local branch, and it's open at the time you need it?

 

[maverickofpoole]

Suitcase full of cash

Stupid I know but the only thing I could think of..............unless your both with the same bank then electronic transfers should be pretty much instant.

Martin

Just thought I sold my last boat and the guy paid me 15K in cash but I still wouldn't let him take the boat until I had been to the bank and paid it in. Just to cheque the money was ok

 

[Greg2]

When you look into this it is unbelievably difficult to effect a secure means of payment. When we sold our last boat we discovered that neither bankers drafts nor personal cheques are irrecoverable nor are direct transfers. The cash suggestion isn't as daft as it sounds.....

 

[Ripster]

Did this with a car I sold once about 26k involved. Went to the buyers bank branch in town, pre-appt made. Sat with a banking chappie in the branch and he made the transfer to my bank as we watched the screen. The banking chappie confirmed the money was available and then when it had been transferred to my bank. We then walked down to my bank's branch and got an account balance. All done, there was a cost for the transfer, but it was all done in about an hour or so. Just an idea for you, maybe something like this?

 

[Ripster]

Should have added. I have also done deals of similar value in cash too - so for me, if you can't work out a scheme with the banks that satisfies the parties - cash it is!! Its a pain for sure, but gets the job done.

 

[jimmy_the_builder]

Have come up with a slight problem with taking ownership of the new boat... Finding a way of paying the seller on the day (a Saturday) seems a little challenging to say the least.. Nowt to do with the seller who's been nothing but accommodating, it's getting money from one bank to another expeditiously and reliably seems nigh on impossible..

Options pursued and discounted thus far:

1.. fast transfer from my building society: £1K limit so no good.
2.. standard electronic transfer: £10K limit and not same day transfer so no good.
3.. CHAPs payment.. not possible on a Saturday so again, not good.
4.. Building Society cheque.. receiving bank has advised seller it's not secure and won't clear until the following Thursday.
5. Paypal.. HUGE costs to the seller so not agreeable

Remaining amount to pay is a tad under £23K and I'd like to find an option where I can effect the money transfer shortly after conducting a final viewing of the boat in the morning when out the water.

Am I trying to find an option that simply doesn't exist and we need to rethink the approach of the handover?

thanks Gary

Won't the Faster Payments Service work for this if you make three payments (to keep each one under £10k) and both your bank and the recipient banks are members? The timeframe isn't completely predictable but when I've sent payments this way it usually only takes a couple of hours.

Cheers
Jimmy

 

[oGaryo]

mmmm interesting... find street with both banks close to each other.. arrange for cash collection from mine, walk down the road and deposit in his.. will have a serious look at the CHAPs options too in terms of initiating transfer on Saturday to hit his account on the Monday

 

[BrendanS]

Gary, I presume you've asked the seller what he considers acceptable? What did he have to say, and why did he discount the various options, and what did he propose as acceptable or reasonable? His opinion might narrow down other options?

 

[jimmy_the_builder]

mmmm interesting... find street with both banks close to each other.. arrange for cash collection from mine, walk down the road and deposit in his.. will have a serious look at the CHAPs options too in terms of initiating transfer on Saturday to hit his account on the Monday

If you go the chaps route, won't the seller retain possession until the funds show up on the Monday? (I would).

Cheers
Jimmy

 

[oGaryo]

Won't the Faster Payments Service work for this if you make three payments (to keep each one under £10k) and both your bank and the recipient banks are members? The timeframe isn't completely predictable but when I've sent payments this way it usually only takes a couple of hours.

Cheers
Jimmy

there's a £1k limit with my bank Jimmy and the £10K option is 2 to 3 days

 

[Stoaty]

I have used cash a few times now. The last time the seller refused to give me his bank details so I could transfer the £30,000. He said ''I don't give my bank details to anyone." Can't imagine what he thought I could do with them. Anyway ring the bank first tell them what you are doing. Don't just turn up, they may say they don't have the cash available. Then go straight to the sellers bank, arrange to meet him inside and wait for him to pay it in. I always take a friend with me, I feel more comfortable when there is two of us. Of course don't tell anyone when this is taking place.

 

[jfm]

Years ahen I was nearer the coal face and organising closing payments to buy companies in M&A deals, and we knew we'd miss the London banks closing, we used to open buyer/seller accounts in New York or LA to get an extra 5 hours or 8 hours. With one deal in the early 90s we opened accounts at Citibank in Honolulu to get 10 hours.

Alas, even Honolulu means you'd have to be ready to pay by 5 to 3am on the Saturday morning

I dont think cash is a great idea. Fine if you're selling, but if you're buying you want proof you paid, and cash doesn't do that. I think best answer is to do the deal on Friday or Monday. Or do the inspection Saturday as planned, but leave boat in seller's possession till Monday and CHAPS the money then

I personally would not do multiple Faster Payments as JTB says. Your problem is that if one £10k payment goes through, and the others don't, you don't have title to the boat yet you're £10k down. Better to make one CHAPS payment imho

 

[jimmy_the_builder]

there's a £1k limit with my bank Jimmy and the £10K option is 2 to 3 days

Aha, nfg then. Well, I reckon your best and most reliable option is the co-located bank branches and a rapid walk down the road. I did this once, collected some pre-booked cash from Barclays in the middle of Brighton, and nonchalantly walked out and off to my meeting with my discreet envelope of cash in my hand. Only when I got to the other end did I realise that the bank had written my surname and '£15000' in large letters on the envelope, which I had been casually displaying to the world as I went on my way. Der.

Moral of the story: take a bag! Good luck for Saturday.

Cheers
Jimmy

 

[oGaryo]

Gary, I presume you've asked the seller what he considers acceptable? What did he have to say, and why did he discount the various options, and what did he propose as acceptable or reasonable? His opinion might narrow down other options?

yep done all that and we're currently where we are searching for the next options.. the list I originally posted are the one's discounted

 

[oGaryo]

the bank had written my surname and '£15000' in large letters on the envelope, which I had been casually displaying to the world as I went on my way.

lol, that's a good'un

 

[jimmy_the_builder]

yep done all that and we're currently where we are searching for the next options.. the list I originally posted are the one's discounted

How quick could you open an account with the recipient bank - could you do it tomorrow? Then chaps your funds in tomorrow afternoon - then a same-day same-bank transfer on the Saturday?

Edit: praps this is what jfm was suggesting (although Honolulu, LA etc clearly more glamorous examples than er Brighton or Soton... )

Cheers
Jimmy

 

[jfm]

my surname and '£15000' in large letters on the envelope,

Giggling here at the thought of you with £15k in an envelope with "The Builder" written on it, and bumping into a VAT inspector

 

[oGaryo]

I think best answer is to do the deal on Friday or Monday. Or do the inspection Saturday as planned, but leave boat in seller's possession till Monday and CHAPS the money then

I'm quickly coming to that conclusion too as the lack of audit trail for cash is a very good point I'd not thought of other than a bit of paper with signature on it and my bank as a witness i.e. we do the sale in my bank.

I've taken the whole of the following week off work to do DIY.. ahem.. play with the new toy only issue is the boatyard want the boat out of there asap so will need some negotiation to rebook the cranage for the Monday or it sits on my trailer round his gaff for a day but then there'd be a can of worms to open if an accident happened on route.. not an impossibility though

so, it's looking like view Saturday, pick up Monday

 

[jfm]

How quick could you open an account with the recipient bank - could you do it tomorrow? Then chaps your funds in tomorrow afternoon - then a same-day same-bank transfer on the Saturday?

Edit: praps this is what jfm was suggesting (although Honolulu, LA etc clearly more glamorous examples than er Brighton or Soton... )

Cheers
Jimmy

Yup if Gary opens account at seller's bank, same branch, then you can do that. Same-bank-same-branch payments are instant: they do not go through clearing. Problem is that that these days you have to take your passport and utility bill and all that bollox to open an account, to prove you're not a terrorist. And if you open a new account then immediately CHAPS £30k into it, they may well block it if you don't also prove its source. It's sucha palava these days. It would be easier just to pay for the boat Monday

BTW do beware them blocking the money. They are right jobsworths and find it very easy to suspect you're a terrorist. This happened to me in Aprli when I was buying berth in Antibes for new boat. I transferred €500k to my account at Barclays in France, which I had opened about 2 years previosuly but it had never had more than €10k or so in it. Barclays blocked the €500k and told me I had to prove it was clean by showing them documentary proof of a loan, a property sale, an inheritance, etc, to prove the source of the money. I didn't have any such documents. I went apeshiit with them but it was quite a hassle and the guy selling the berth was narked with me for not paying when I said I would. I had to tell him it was the fault of his fellow countrymen, which went down a treat, not.