Urgent. Sales and purchase agreement

[Whitelighter]

Sorry to contradict WL but this is wrong. FPS is £250k limit, but a lower limit is imposed by most banks. For my Barclays account it is £50k and for my HSBC it is £100k, for example. Either way, now that the OP has told us that it is under £30k, it seems unlikely that the buyer couldn't use FPS and both parties would then be happy.

Fate enough - natwest limit theirs (or at least they used to)

 

[EugeneR]

One being the inclusion of the details the broker had online of my boat. There is no connection with the broker as its a private sale. Boat is no longer with them.
I don't want an invoice from them at a later date, not that they know him but just cautious.

Sounds like a reasonable requirement to have detailed specifications of what he is getting.

Simply transfer all the relevant specifications as listed by the broker, excluding the broker's comments / exact working.

E.g. flares present but expiry unknown, etc.

 

[dunedin]

Sorry to contradict WL but this is wrong. FPS is £250k limit, but a lower limit is imposed by most banks. For my Barclays account it is £50k and for my HSBC it is £100k, for example. Either way, now that the OP has told us that it is under £30k, it seems unlikely that the buyer couldn't use FPS and both parties would then be happy.

As noted above Faster Payments limits vary by bank - some large banks are lower than £30k for self initiated transfers using online banking. However in these cases it may be that they would have a higher limit for a branch initiated Faster Payments. A Faster Payment generally comes through within minutes or at worst a couple of hours.
CHAPS payment is perhaps the most secure for the receiver, and is instantaneous from the point that the bank sends it (sometimes a delay in the bank back office before they do so). The charge for this should not be a reasonable excuse as most banks would charge at least as much if not more for a bankers draft. Hence I would avoid the latter.

 

[superheat6k]

Advice required urgently please?
I am in the process of selling my boat privately in which the purchaser has arranged his own SPA. I have amended a few points but I am still worried about the legal jargon it contains.
Is there way of getting it checked either online or forum based? I think he wants me to sign it tomorrow the day before the survey.
Also he wants to pay by bank draft. I have read this takes 4 days to clear and 6 days before you can draw on the money. So I would rather an online transfer but he says its too much money for that. I'm not too sure about that. Going suggest CHAPS payment.

Is he paying you a deposit prior to survey ?

A contract has to be mutually agreeable. As a buyer I add in terms purchasers / brokers might not like, but the structure of the MCA / RYA standard form of purchase sets out terms which for the most part are fair and equitable to both parties.

If I were in your position I would invite him to agree to use the RYA standard form of purchase, and advise his own form will require you to take legal advice. If you do not want to accept his bankers draft then offer to meet the cost of the CHAPS, ~ £20 - 30.

 

[kashurst]

I would be wary of including the description from the brokerage advert unless you know it is 100% correct. Your buyer seems to me to be trying a bit too hard to do what is a pretty simple thing. Make sure he doesn't start asking for warranties etc.

 

[bendyone]

Nationwide limit the faster payment to 10K but you can do more than one in a day, I did 3 in 5 minutes without a problem.

 

[russ]

I would be wary of including the description from the brokerage advert unless you know it is 100% correct. Your buyer seems to me to be trying a bit too hard to do what is a pretty simple thing. Make sure he doesn't start asking for warranties etc.

I now know that he is using the RYA form which states there are no warranties implied.

We both have agreed to meet at the bank for the transfer, so problem solved there.

A small cheque deposit was given but I didn't bank it due to the short period between the survey and the full amount due afterwards.
We are signing the SPA Sunday afternoon. So all being well after the survey on Monday he is very keen to be the legal owner asap and the deal is done.

 

[Jim@sea]

Whats wrong with asking for a Bank Draft.

 

[Boat2016]

That's why I have always insisted on dealing through a reputable broker or a marine lawyer if any large amounts of money are involved, when you try and do something on the cheap it always ends up with loads of hassle, I'm all for letting the professionals do their job so I can relax knowing everything is done correctly

 

[CLB]

Whats wrong with asking for a Bank Draft.

Potential for fraud. Lots of stolen or fraudulent drafts out there.

 

[oldgit]

Accepting all the other caveats regards moving money...........
My first reaction when matters progress to a possible private purchase of anything not actually located at the vendors house is to get onto Google street map and have look at the sellers home address location .
Might just help, depending of what appears.
Useful also to determine if any lengthy drive is worth the trouble and time looking at stuff.?

 

[KINGFISHER 9]

Don't they use IBAN numbers in the UK? That's our easiest way of transferring large sums.

 

[henryf]

In terms of payment for boats ignore everything that's been written and take the following as Gospel. It's what I do in my day job and, I've paid the extremely high price of understanding the various shortfalls.

Bankers draft. Very easy to forge either with a stolen draft book or printed copy. It's a bit of paper that costs less than a tenner to get hold of and you can write anything you want on it. A couple of signatures, a ruler to draw a straight line and you've got yourself a £50k note.

You can phone the issuing bank, hard to get the branch number (don't use the one on the card given to you from the buyer). They may or may not admit to writing the draft but can't guarantee the draft you have in your hand is the one they wrote. I could get a genuine draft, give you a counterfeit one then pop the real one back into my account. Easier to just give you a hooky draft wrapped up in a story that covers why you're getting it now. Even if your bank accept it, which they will you don't get the money until it clears which in the case of a counterfeit is never. You get a call from your bank in 2-4 days when they let you know you're knackered.

The only way to take a draft is if you were physically present when issued by the bank and you saw it handed over.

CHAPS and fast pay. There is a gaping hole in both of these methods. The name of the beneficiary is, amazingly, totally ignored. All they look at is the sort code and the account number. If says A Smith but the account relating to the sort code and account number is D Patel the money will go into Mr Patel's bank account and promptly be withdrawn and routed elsewhere.

You need to be extremely careful how payment details are given and that means not by email. If your account is hacked and your message intercepted you buyer will send the money to an account other than yours and you will lose the boat and your money. The buyer only did what you (thought you) asked him. Confirm bank details by text and or fax and be very careful entering the 14 digits.

Considering UK banks hope to take care of European banking post Brexit it beggars belief that they don't bother to check the intended recipient name against the receiving account name when moving life changing amounts.

Sorry to be boring and serious on a glorious Sunday evening but it might save you a fortune.

Henry.