Do I need a solicitor?

[Windfola]

I've accepted a cash offer on my house and I have found my boat (a 4 year old Widebeam). She's quite pricey but I am very happy and the sale should be completed, touch wood, by mid October.

 

Would it be a good idea to have my solicitor complete the contract for the boat as well as the house?

 

Do people use solicitors for expensive boat purchases?

 

If not, is a witnessed deed of sale the usual way forward, or do people just do a bankers draft?

 

Thanks

 

Edited to add that it is a private sale, not on brokerage.

Edited August 15, 2011 by Windfola

[twinpot]

I've accepted a cash offer on my house and I have found my boat (a 4 year old Widebeam). She's quite pricey but I am very happy and the sale should be completed, touch wood, by mid October.

 

Would it be a good idea to have my solicitor complete the contract for the boat as well as the house?

 

Do people use solicitors for expensive boat purchases?

 

If not, is a witnessed deed of sale the usual way forward, or do people just do a bankers draft?

 

Thanks

 

Edited to add that it is a private sale, not on brokerage.

Purchasing a boat is about the same as purchasing a car,Buyer be ware is the way to go,make sure it is his boat to sell,no outstanding finance,and all the RCD and Bss paperwork is up to date,then all you need to get from him is a signed bill of sale,thats what i did when i purchased mine private.Hope it all comes together.I expect someone will tell you different.

Regards.

Twinpot.

[twbm]

That's about it. You don't mention a survey, 4yrs old or not I think it would be wise: there's tales on here of boats just plain not built right in the first place giving their owners all sorts of grief.

[Windfola]

The survey is planned for when I exchange contracts on the house. At the same time, the sellers are going to have her re-blacked and new anodes, any rust removed and provide a new safety certificate. They have all the paperwork relating to the original purchase. It's an Aquiline, so I am not expecting any problems at this stage!

 

How does one go about checking for any outstanding finance other than asking the vendor and trusting to their honesty? Would any loan arrangements show up on the original bill of sale from the New and Used Boat Co?

[twbm]

Sorry - don't know. Just had a look at the HPI website and it seems to focus just on vehicles.

[mayalld]

The survey is planned for when I exchange contracts on the house. At the same time, the sellers are going to have her re-blacked and new anodes, any rust removed and provide a new safety certificate. They have all the paperwork relating to the original purchase. It's an Aquiline, so I am not expecting any problems at this stage!

 

How does one go about checking for any outstanding finance other than asking the vendor and trusting to their honesty? Would any loan arrangements show up on the original bill of sale from the New and Used Boat Co?

 

Tricky one, and there are a number of avenues that you could take.

 

The first is that if they DID have finance, and have paid it off, they will have a letter from the finace company confirming this.

 

If they never had finance (or say that they didn't), you will be relying upon the bill of sale (which should state that the boat is "free from all liens and encumbrances")

 

If you are relying upon the Bill of Sale, you will need to satisfy yourself of three things;

1. That the boat in the Bill of Sale is the boat that you are buying (HIN/CIN matches)
2. That the person you are buying from is the person named as the vendor (you want to see his passport)
3. That the address that he gives is correwct (you either want to see offical correspondence or you need to check that he is on the ER at that address)

That doesn't prevent there being outstanding finance, but it does ensure that if there is, there will be sufficient to have him arrested,

 

 

 

 

 

[Robin2]

Its probably worth asking them to state in writing whether the boat was ever used as security for finance - just so there is no opportunity for the vendor to say later on "you never asked". If the boat was used as security then you can ask to see the relevant documentation, or, if it doesn't exist, the vendor should be able to get info from the finance house.

 

If they tell you lies then I suspect the finance house would also take a dim view of it.

 

ETA if they borrowed money to buy the boat but the boat itself was not the security then I assume you would have no problem even if some of the loan was still outstanding.

Edited August 15, 2011 by Robin2