Selling house, buying a boat transition period!!!

[Mooresey]

Ok here goes.

 

Deep breath.

 

We want to get a boat. We have a house at the moment. If we sell the house, we will use the money from the house to buy the boat. We don't have money to buy a boat before we sell the house. What do you do in the transition period between the selling of the house and getting a boat. How long does it take if you see the boat you want, getting it surveyed and signing up for it so it's yours?

 

Can you get a bridging loan for a boat?

 

Would a marine finance place lend you the money and let you pay it back with the sale of the house plus interest?

 

How have others done it?

[Guest]

 

Would a marine finance place lend you the money and let you pay it back with the sale of the house plus interest?

 

 

 

We bought our boat in the summer of 2010 and settled the loan in the Feb of the following year when I took voluntary redundancy. From memory the 'penalty' for settling the loan early was = to one moths payment. (RoyScotLarch)

 

Though of course during that period we were making monthly payments on the boat so if you are asking if a co. would defer any payments until the house sells then it would be a no I reckon.

 

Why not rent your house out and go boating?

Edited August 25, 2012 by The Dog House

[Mooresey]

Can't rent the house we need the capital to buy the boat.

[bottle]

Timeline for us: ( same position as you, sell house to buy boat)

 

Ordered boat, two year waiting for build slot.

 

House on market, did not sell owing to market problems.

 

Build slot arrived house not sold had to lose slot, we were lucky as another boater in the queue took our slot and we theirs for a later date.

 

House sold two weeks later.

 

Still lost slot.

 

Moved in with daughter

Two years later moved on to boat. :clapping:

 

Good luck.

[Magic Potion]

Can't rent the house we need the capital to buy the boat.

Exactly the same position I'm in - house up for sale. When sold, I'll move into temporary accomodation and my stuff goes into storage until a boat is sorted out. All being well it should take about a month to six weeks from completion of house sale till I've got the boat.

[Guest]

Can't rent the house we need the capital to buy the boat.

 

Sorry I wasn't being clear - get a marine mortgage and use the rental payments from the house to pay the monthly payments on the boat.

[mrsmelly]

Ok here goes.

 

Deep breath.

 

We want to get a boat. We have a house at the moment. If we sell the house, we will use the money from the house to buy the boat. We don't have money to buy a boat before we sell the house. What do you do in the transition period between the selling of the house and getting a boat. How long does it take if you see the boat you want, getting it surveyed and signing up for it so it's yours?

 

Can you get a bridging loan for a boat?

 

Would a marine finance place lend you the money and let you pay it back with the sale of the house plus interest?

 

How have others done it?

 

 

Done it more than once. It can be done easily in a fortnight, a week is also easy. After house sale you will have CASH, real money. I went with a friend week or three ago to view a boat on the monday, he paid deposit on tuesday and bank transfer on friday and it was his. We moved it on the following monday............simples. A surveyor was available within 48 hours but he didnt bother.

Buying through a brokerage may add some timewasting b.shit but if you use a good broker ( Rugby boats ) this can be cut to a minimum.

Remember one major point. YOU will have the CASH therefore you are God and all will happen at your pace if the vendor wants to sell their boat.

 

Tim

[Paul C]

Sorry I wasn't being clear - get a marine mortgage and use the rental payments from the house to pay the monthly payments on the boat.

 

They won't lend you more than 75% of the value of the boat, so you'll still need quite a sizeable contribution of the purchase cost. Also, marine mortgage finance decision is based on your circumstances NOW, not hoped-for income at some point in the future. And there's additional requirements to be met, eg must have a home mooring; must have a valuation; and must have a survey if over a certain age (can't remember, think its 20-25 years old). But its a good idea and gives a 'get out' if your circumstances change, etc.

[Midnight Rider]

It was a bit of a juggling operation for me, but it worked out ok in the end.

 

I had enough cash to put a deposit down to reserve a slot & pay the first stage payment. In the end, the house sold just in time to avoid any further head scratching. I was then able to invest most of the money, pay for the boat & rent until the boat was finished & we were happy to start living aboard.

 

Perhaps one solution may be --- if you could afford it --- just have the shell built & be prepared to wait for the fitting out if the house does not sell in time. However I can see the problems, such as waiting for the next slot with a busy boat fitter.

 

Good luck.

 

ETA --- forget all that rubbish, I thought that it was to do with a new build.

Edited August 25, 2012 by Midnight Rider

[Guest]

They won't lend you more than 75% of the value of the boat, so you'll still need quite a sizeable contribution of the purchase cost.

 

Indeed fully aware of that, I don't know how much access the Op has to other capital.

 

Also, marine mortgage finance decision is based on your circumstances NOW, not hoped-for income at some point in the future.

 

Indeed - presumably the OP has an income now which is what their decision would be based on.

 

 

And there's additional requirements to be met, eg must have a home mooring; must have a valuation; and must have a survey if over a certain age (can't remember, think its 20-25 years old).

 

I don't understand the relevance of this bit sorry Paul - that is the same however you buy a boat needing marine finance. You find a boat and then you jump through the hoops the marine finance company require you to go through. It's actually no real big deal.

 

But its a good idea and gives a 'get out' if your circumstances change, etc.

 

Agreed.

[Mooresey]

At the moment we are looking for a second hand boat, would only have enought capital for that at this time. In about 5 years of saving I have worked out that we could have our own boat built.

 

If it only takes about a fortnight to secure a boat and get living on boad that's great.

[Guest]

If it only takes about a fortnight to secure a boat and get living on boad that's great.

 

Whilst there is no doubt it can be (I've no reason to doubt what Tim (mrSmelly has posted but note that his mate didn't opt for a survey (nor from memory did Tim when bought his boat).

 

This is OK if like Tim you know what you are doing, if you have a survey it can add time in arranging one, getting the actual report and resolving any issues or queries the survey raises.

 

It won't add months but could add a few weeks as it did in our case.

[Mooresey]

That's still not bad, a month is a good time frame with a Survay and the like

[ditchcrawler]

That's still not bad, a month is a good time frame with a Survay and the like

I think you could well end up buying a boat that will do as opposed to the one you want. Would you go out for one weekend with the view to finding a house so you could complete in a month?

[duztee]

I would agree that as a person with cash things will move very quickly, especially if you buy from a broker where the boat is already sitting cleared out and ready to go.

I bought with a bank loan, and had a survey all done in a week, but waited two further weeks for the seller to agree to pay the cost of several small issues the survey found, and to have the work carried out, (most of this time was finding vintage engine fittings, which whilst not affecting the engine performance should have been fitted)

Also check if a bottom blacking will be needed soon, it will be easier to wait an extra week and do it before you move aboard than doing it a few months after you get settled.

I think the longer period will be spent trying to find the 'right' boat, so start looking well before your house sales.

The housing market is not good at this time, so either allow quite some period of time to sell or be prepared to sell at less than market value.

[simon&jan]

We are sooo close

House on market next week , but we do have a camper van and have basically moved out 3 weeks ago , keeps the house mint for viewings ,doing last car boot tomorrow and the car get scrapped next wed , we too.have been pondering this very same question !!

[Mooresey]

I think you could well end up buying a boat that will do as opposed to the one you want. Would you go out for one weekend with the view to finding a house so you could complete in a month?

 

A boat that will do, would do for the time we are going to be keeping it. As long as it doesn't sink or become unliveable in, it will do till we have saved for a new one to be built. Of course it will have to be as good as we can get for the money we have, but beggars cant be choosers.

 

Have been looking for a month or so now and getting to know what I want and what I would like. We have been to quite a few marinas and looked at what is available.

[Looby Loo]

I'm in a similar position and also pondering options. I've accepted an offer on the house but I'm not getting excited until the survey has been done and accepted by the buyer as it's an old house.

 

I think I will have more of a problem finding a suitable mooring than a suitable boat. A cursory trawl through Apollo Duck revealed several which would seem to be very acceptable. I'm expecting to have to move into rented accommodation in the interim period although if I can avoid this I will do so as it tends to be for an initial term of 6 months and rather expensive! No family live nearby to stay with unfortunately and I have to get to work. It's a bit much to impose on friends. Might look into campervan rental!

 

Even when I find somewhere I can moor my boat and live on it I will still have to move the boat from wherever it is sold from to the mooring which is also likely to take some time.

 

I'm sure it will all work out in the end- somehow.

[Mooresey]

Good luck

[Phil Ambrose]

At the moment we are looking for a second hand boat, would only have enought capital for that at this time. In about 5 years of saving I have worked out that we could have our own boat built.

 

If it only takes about a fortnight to secure a boat and get living on boad that's great.

 

OK this was sort of how I recall we did it, put house on the market the day before we went on a Broads Holiday, it was sold while we were away. We looked at boats and moorings went home. Found a suitable boat went back, looked at it and put a deposit on it, instructed the boatyard to rip most of it out leaving galley and bathroom. Meantime house sale continued as did the garage sale, we ended up "camping",in the house, not great but had to be done.

Sale of house completed moved out with what remained of our lives in a Tranny, 4 dogs went in luxury in a "dog taxi"

Rocked up at boatyard,paid balance and moved aboard. Bit of a nightmare for the first few weeks but got better every day.

 

For us it worked, especially the bit about having it mostly ripped out, gave me a blank canvas. We lived aboard that boat (Amber Rose) for about 10 years. We now live on Amber Rose Too only with her we got a bridging loan.

 

It's all do-able provided you think latterly. Good luck with the process, it will all come right in the end just do'nt panic.

 

Phil

[bowten]

Get the house sold,move into rental property,find the boat,move out of rented property when you are happy the boat is as you want it.

[OldPeculier]

Get the house sold,move into rental property,find the boat,move out of rented property when you are happy the boat is as you want it.

 

 

This is what we will be doing next year. Looking at rentals around here they are about the same as I am paying in my current mortgage so with no loss of monthly income and cash in the bank, we can spend as long as we like looking for the right boat.

[ditchcrawler]

A boat that will do, would do for the time we are going to be keeping it. As long as it doesn't sink or become unliveable in, it will do till we have saved for a new one to be built. Of course it will have to be as good as we can get for the money we have, but beggars cant be choosers.

 

Have been looking for a month or so now and getting to know what I want and what I would like. We have been to quite a few marinas and looked at what is available.

Well if you are not bothered what boat you have you should be able to do it in days.

[Mooresey]

Hopefully it would be quite quick, but you know how it goes. No money and loads tha are just right, got money and nothing that's any good. Fingers crossed when it happens though.

 

Rental would be good but we are getting rid of all the big furniture to my partners son when he moves out and we sell, so nothing to sit on. It's either going to be sisters of mums for a bit I think.

[tillergirl]

Get the house sold,move into rental property,find the boat,move out of rented property when you are happy the boat is as you want it.

 

And tie yourself into a 6 month minimum rental agreement. And line someone else pocket for 6 months Better to move in with rellies for a short time or have an extended holiday especially if out of season...................................just a thought. I;m sure the power of "folding lolly" is still as strong as it always was. Good Luck.