Payment for Second hand boat - Protection

[chriswesterman]

Hi,

Seen 2 yachts ( 20k - 25k price range - 1982) that I'm interested in. Just got to make my mine up and put in an offer.

This is a considerable sum for me and the offer will obviously be subject to suitable survey and engine check. My question relates to the actual payment. One of the boats is via a broker, the other one is a private sale. What processes and procedure can I insist on such that I'm protected ?

Please note I'm not suggesting brokers and private sellers are out to fleece buyers, but in light of the 'Peters' saga, I'm abit paranoid.


Many thanks


Chris

 

[[2574]]

Chris,

If you're very paranoid the best plan is to use a lawyer between you and the vendor/agent. Personally I would be sufficiently paranoid to think it worth paying a lawyer to deal with the passing of monies and title in the correct risk free manner.

rob

 

[Kurrawong_Kid]

If you do use a lawyer suggest you use one who is familiar with marine law to investigate title etc. Very different from conveying a house. The RYA has a useful book on the subject and there are forms on their website for members who wish to buy or sell a boat privately.
I have just bought a boat, on the day RBS went belly up!, and the broker was as concerned as me since he was with NatWest. All went through O.K. Membership of ABYA should give some protection-I had to write my cheque out to "Clients' Account. Thats an essential I would have thought.

 

[Twister_Ken]

Don't place too much faith in the client account ruse.

See the B A Peters thread running in another place

http://www.ybw.com/forums/showflat.php/Cat/0/Number/2138135/an/0/page/0/gonew/1#UNREAD

 

[ITH]

I've got a copy of the RYA publication; "Buying a secondhand yacht," which you are welcome to borrow. PM me if wanted, and bung a quid in the RNLI box.

 

[Heckler]

You are quite right to be concerned, simplistically you need to see the paperwork BEFORE committing, if they wont show you WALK. You need to see a VAT invoice and/or copies of bills of sale up to present owner. Get a solicitor to do a client account type of payments, I wouldnt worry too much about his professional expertise, if you use the broker he will sort that end out and just tell them you are going to use a solicitor to swop the dosh. If doing it private then check all the paperwork as per RYA and again then get the solicitor to swop. Your objective here primarily is to safeguard your money.
Stu