Boat selling problem - help!

[haggis]

When we bought Kelpie from Ken (in Canada) we looked over the boat, I phoned Ken and made an offer which he accepted and said the boat is yours, off you go.  We set off the next morning having paid nothing for the boat. This was before smart phones and internet connections in boats so for the next few nights we used pub WiFis and transferred as much as our account allowed in a day.  We did know Ken, though and we still exchange Christmas cards. We didn't bother with a survey but Ken had had one done a few months previously and he emailed it to me. A painless purchase! 

[MtB]

3 minutes ago, haggis said:

When we bought Kelpie from Ken (in Canada) we looked over the boat, I phoned Ken and made an offer which he accepted and said the boat is yours, off you go.  We set off the next morning having paid nothing for the boat. This was before smart phones and internet connections in boats so for the next few nights we used pub WiFis and transferred as much as our account allowed in a day.  We did know Ken, though and we still exchange Christmas cards. We didn't bother with a survey but Ken had had one done a few months previously and he emailed it to me. A painless purchase! 

 

As are most in my personal experience.

 

Its only in the world of CWF where people stress about surveys and BMF contracts Bills of Sale and all that shyte. 

 

 

[Mrs Bearwood Boster]

When we bought our last house in 2020,we had to do a series of maximum daily amounts to our solicitor til' we had the right amount.It seemed totally bonkers that we had oodles in our account from our house sale,but had to do it this way-felt like we were money launderers.

[mrsmelly]

13 hours ago, MtB said:

 

As are most in my personal experience.

 

Its only in the world of CWF where people stress about surveys and BMF contracts Bills of Sale and all that shyte. 

 

 

I concur.

[cobaltcodd]

I'm with HSBC and they limit transfer by the mobile App to £10k/day, but it's £25k/day if you go online (and use a laptop).  Maybe your bank has a similar arrangement?  Well someone who has £40k for a boat can probably afford a £50 Travelodge nearby and finish things tomorrow

 

[Mike Todd]

4 hours ago, mrsmelly said:

I concur.

Most things that are covered by insurance are about low risk-high cost tradeoffs. A survey is a kind of insurance policy (although at the adverse end of probability of making a successful claim!) Hence you would expect that most sales go well - but the cost of one going badly can be very high, as some threads on here have described in the past. If many went wrong then the cost of a survey would be much, much higher as they seek to recover vastly higher PPI premiums.

[ditchcrawler]

1 hour ago, cobaltcodd said:

I'm with HSBC and they limit transfer by the mobile App to £10k/day, but it's £25k/day if you go online (and use a laptop).  Maybe your bank has a similar arrangement?  Well someone who has £40k for a boat can probably afford a £50 Travelodge nearby and finish things tomorrow

 

I think, don't know that Lloyds must be similar because I took my laptop when I had to buy another car and did a bank transfer.

 

Just looked it up, would phone equal app?

 

Edited July 8, 2023 by ditchcrawler

[Paul C]

On 07/07/2023 at 11:36, Dave_P said:

I'm selling my boat privately.  The sale was due to go through today.  The buyer was coming up by train and would do a bank transfer in person once the Bill of Sale etc were all done.

 

He's just told me that his bank puts a maximum on daily bank transfers of £10,000, which is less than a quarter of the sale price.

 

So what do we do now?  Any ideas?

I would reschedule for Tuesday. Monday for the buyer to contact the bank and make the necessary arrangements, then Tuesday to travel and complete.

[Dave_P]

This is what we did in the end.

 

The buyer came up on saturday morning.  Once he had arrived, we did the paperwork but left off the final bit confirming sale had completed.  His partner in Oxford did a bank transfer for half the amount, via her phone app.  This should have taken a maximum of 2 hours, but it ended up taking 3.  Nail biting times.  Her bank told her she wouldn't be able to transfer the second half until sunday.

 

I'd promised the buyer I'd travel with him the first couple of days, so we set off early afternoon from Hawne Basin and moored saturday night in Bournville, just before a biblical rainstorm.  I left him with the boat but kept the engine starter key.

 

I woke up sunday morning to see the second payment had gone through (transfered at midnight), so went back to Bournville, filled in the final bit of paperwork, and helped him from there to Kingswood Junction.

 

His partner and their dogs arrived last night, and they're now on their own, heading for Oxford.  If you see them (green boat, Beau on the side), say hi. They seem really nice and I'm sure Beau is in good hands.

[ditchcrawler]

4 hours ago, Dave_P said:

This is what we did in the end.

 

The buyer came up on saturday morning.  Once he had arrived, we did the paperwork but left off the final bit confirming sale had completed.  His partner in Oxford did a bank transfer for half the amount, via her phone app.  This should have taken a maximum of 2 hours, but it ended up taking 3.  Nail biting times.  Her bank told her she wouldn't be able to transfer the second half until sunday.

 

I'd promised the buyer I'd travel with him the first couple of days, so we set off early afternoon from Hawne Basin and moored saturday night in Bournville, just before a biblical rainstorm.  I left him with the boat but kept the engine starter key.

 

I woke up sunday morning to see the second payment had gone through (transfered at midnight), so went back to Bournville, filled in the final bit of paperwork, and helped him from there to Kingswood Junction.

 

His partner and their dogs arrived last night, and they're now on their own, heading for Oxford.  If you see them (green boat, Beau on the side), say hi. They seem really nice and I'm sure Beau is in good hands.

Glad you have it all sorted

[Machpoint005]

On 07/07/2023 at 17:19, Stilllearning said:

I think that big cash transactions are automatically flagged by banks now.

 

Quite small ones are, too. 

DAMHIK

 

[IanD]

3 minutes ago, Machpoint005 said:

 

Quite small ones are, too. 

DAMHIK

 

Banks are very suspicious of cash nowadays given how many honest people have largely stopped using it and how attractive it is to the criminal fraternity...

[Stroudwater1]

I believe that some banks charge for the pleasure of receiving cash especially into business accounts? 

[Alan de Enfield]

47 minutes ago, Stroudwater1 said:

I believe that some banks charge for the pleasure of receiving cash especially into business accounts? 

 

Yes I have to pay 70p per £100 to deposit my own money.

[john.k]

Kinda funny how scrotes are able to carry about truckloads of cash ,and seemingly convert it to luxury cars , real estate or  bitcoin ,or more dope or whatever .....without any difficulty from the cash limits the government sets.

Edited July 11, 2023 by john.k

[ditchcrawler]

4 hours ago, john.k said:

Kinda funny how scrotes are able to carry about truckloads of cash ,and seemingly convert it to luxury cars , real estate or  bitcoin ,or more dope or whatever .....without any difficulty from the cash limits the government sets.

There are businesses set up to turn cash into clean money. A few corner shops have been done for this. The tell me Bookmakers are handy as well.

The sour truth of Oxford Street’s candy shop curse | Evening Standard

[JohnStatos]

On 11/07/2023 at 16:09, ditchcrawler said:

There are businesses set up to turn cash into clean money. A few corner shops have been done for this. The tell me Bookmakers are handy as well.

The sour truth of Oxford Street’s candy shop curse | Evening Standard like on bakersfieldrealtor

Is this not illegal to do?

[pearley]

On 10/07/2023 at 19:14, Stroudwater1 said:

I believe that some banks charge for the pleasure of receiving cash especially into business accounts? 

 

On 10/07/2023 at 20:02, Alan de Enfield said:

 

Yes I have to pay 70p per £100 to deposit my own money.

Has been that way for several years. When we ran petrol stations in the 80s on my annual visit to the bank manager he would go through how the charges were arrived and always stressed the amount if cash we paid in. I recall at one point cash businesses were paying in the cash to a Post Office account, which was free, and then transferring it to their bank account.

[ditchcrawler]

39 minutes ago, pearley said:

 . I recall at one point cash businesses were paying in the cash to a Post Office account, which was free, and then transferring it to their bank account.

My son used a private account and when questioned just asked them if they wanted his money or not, they kept taking the cash

[Alan de Enfield]

39 minutes ago, pearley said:

 

Has been that way for several years. When we ran petrol stations in the 80s on my annual visit to the bank manager he would go through how the charges were arrived and always stressed the amount if cash we paid in. I recall at one point cash businesses were paying in the cash to a Post Office account, which was free, and then transferring it to their bank account.

 

 

My way of minimising bank charges is to save up the cash until it is worth going 50 miles to the bank and pay it into my personal account. I then write a cheque from my personal account and pay it into the business account.

 

So, instead of paying 0.7% of (say) £20,000 (ie £140) I only pay a single 'fixed price' cheque transaction  fee of £1.40.

Saving £138.60. 

 

I really begrudge paying to deposit my 'own money'.

 

Both of my banks are used to large movements of cash at random periods.

[Peanut]

As I traded in my own name, the Financial Advisor at the Building Society suggested I paid all my takings into my personal account. That saved me some  £500 pa, if challenged just to say, “it is my wages,” which it was. Never had a problem. No good if you have a limited company.