Asking price vs. sale price

[Horace42]

I bought a house for cash. I was forced by the sellers solicitors (acting for their bank who were the executors of the estate) to use CHAPS as well as having to produce a copy of my bank statement to show that I had the funds - before they accepted my offer - which wasn't the highest but being cash and an instant sale compared to an alternative long drawn out mortgage and survey in a sales chain process.

I guess nothing much has changed if buying a boat.

[Athy]

I bought a house for cash. I was forced by the sellers solicitors (acting for their bank who were the executors of the estate) to use CHAPS as well as having to produce a copy of my bank statement to show that I had the funds - before they accepted my offer - which wasn't the highest but being cash and an instant sale compared to an alternative long drawn out mortgage and survey in a sales chain process.

I guess nothing much has changed if buying a boat.

What, as in bulging bag full of used fivers?

[mrsmelly]

That's absolutely fair enough. You use methods which you prefer, and I use methods which I prefer. Without leafing through old cheque books and counting them up, I'd guess that I issue 40 or 50 cheques per year, and receive slightly fewer (payments from customers and clients, dividend payments and, I'm delighted to say, three from Ernie already this year).

I think I wrote my first cheque in 1969. If it ain't broke, don't fix it.

 

And there lies the rub. There is nowt at all wrong with cheques and just because its not the " modern " way to use funds doesnt mean anyone needs to change. Seems funny to me that those that like the modern way of using plastic often own " Historic " boats whats that all about then.

As you say if it aint bust.............theres nowt to fix

[Alan de Enfield]

The important thing to remember is that cheques are not legal tender.

 

From the Cheques and Credit Clearing Company :

 

"Even today, if you owe someone money they are not obliged to accept a cheque. Instead a creditor is entitled to be paid in legal tender and can refuse payment in any other form".

 

 

The seller can legally insist that you pay in 'pound notes' (to coin a phrase)

 

I have paid for 3 out of the last 4 boats with 'cash in a carrier bag' and the fourth boat was purchased in Euros and at an asking price of Euro 250,000 it was a little more difficult to carry the cash so had to use a currency agent.

 

To get the thread back on track - I negotiated the price from 250k down to 180k as they needed a 'quick sale' due to family illness.

[Señor Chris]

As you say if it aint bust.............theres nowt to fix

 

As happened to the canal system, it doesn't have to be broken to fall into disuse.

[Richard10002]

Unless of course it's advertised for less than the worth...

OK.... "offer what it's worth, except, offer the asking price if it's worth more" ?

 

There could be other variations, but they will differ dependent on the circumstances.

 

We thought our boat was worth £25k +/-, but it was asking £18k. We offered the asking price and kept our fingers crossed. Surveyor found a few minor faults, but valued it at £26k. We didn't negotiate after survey!

[Laurie Booth]

I bought a house for cash. I was forced by the sellers solicitors (acting for their bank who were the executors of the estate) to use CHAPS as well as having to produce a copy of my bank statement to show that I had the funds - before they accepted my offer - which wasn't the highest but being cash and an instant sale compared to an alternative long drawn out mortgage and survey in a sales chain process.

I guess nothing much has changed if buying a boat.

I did the same with my flat. It was on the market for 45k got it for 12k.

[Mike Todd]

 

I don't think limits placed by banks on how much you can transfer by online payments have anything to to do with anti=money laundering regulations do they?

 

If that were true you would not be able to do CHAPS transfers for sums far greater than any canal boat might sell for, which of course you can. As an example Nat West limits you to £20,000nif you initiate requests by personal banking, but you can walk into a branch and initiate a request for 10 times that amount (or more), simply by paying the fee for a CHAPS transfer. If there were legal limits in law, that would not be the case would it?

 

Yes, dead easy to get a cheque accepted for the price of a decent narrow boat - not!

I suspect the law is that they have to take reasonable precautions - each institution has its own take on what that means.

[LadyG]

On 17/02/2017 at 08:30, cuthound said:

Could be forged, and you have to jump through hoops to pay large sums of cash into a bank now, because of the anti-money laundering regulations. Even bank transfers may have to be undertaken in stages because of limits on how much you can transfer in a single transaction. I had to do three transactions to buy my boat because of these regulations.

I recently had some difficulty getting money transferred through the banking system IN TO MY ACCOUNT [from a well advertised insurance company], and when I investigated, BACS don't do big money [over £750 lol] transfers due to "the banking wizard" lol, but if they had  paid £23 and done it thru CHAPS there would be no problem. Essentially they did not want to pay out the money quickly and safely, they wanted to post a bit of paper,  using  the slowest and cheapest snail mail available, in the hope that it might arrrive some time next month., if not they can repeat the process indefinately. I wanted to  send someone to collect the cheque by hand, but apparently they don't work that way. I asked that they send it first class registered, as it was URGENT!!!!!!, but that was refused too.............. they are not bankers, just something close..... instead of the deal taking ten days, it took 30, and I had to sign a building contract even though I did not have the money, never mind the cheque.

I don't do many payments  these days, either way, but there was always "a way round" any difficulty, I never pay cash  or accept cash if I get the choice, its a fudge.

Edited September 11, 2017 by LadyG

[ditchcrawler]

2 hours ago, LadyG said:

I recently had some difficulty getting money transferred through the banking system IN TO MY ACCOUNT [from a well advertised insurance company], and when I investigated, BACS don't do big money [over £750 lol] transfers due to "the banking wizard" lol, but if they had  paid £23 and done it thru CHAPS there would be no problem. Essentially they did not want to pay out the money quickly and safely, they wanted to post a bit of paper,  using  the slowest and cheapest snail mail available, in the hope that it might arrrive some time next month., if not they can repeat the process indefinately. I wanted to  send someone to collect the cheque by hand, but apparently they don't work that way. I asked that they send it first class registered, as it was URGENT!!!!!!, but that was refused too.............. they are not bankers, just something close..... instead of the deal taking ten days, it took 30, and I had to sign a building contract even though I did not have the money, never mind the cheque.

I don't do many payments  these days, either way, but there was always "a way round" any difficulty, I never pay cash  or accept cash if I get the choice, its a fudge.

I have transferred much bigger sums than that, 5 or 10 grand at a time I can't remember which for free 

[LadyG]

35 minutes ago, ditchcrawler said:

I have transferred much bigger sums than that, 5 or 10 grand at a time I can't remember which for free 

of course, I have had quite a few ins and outs this year, no problemo, how can £750 be set as limit to stop money laundering, its a weeks wages for millions fgs.

What I am saying is that if the insurance company use software to prevent BACS transfers over £750, then the company can just use CHAPS, its not difficult.

I know what they are doing, its called credit control: never pay out this month what you can pay out next month, regardless of cost to the customer. The cheque was cleared on 2nd of September, when it could have been in my account 30 days before, if they could be bothered, but they couldn't be bothered, I put my review on Google, to join with the others, all one star, its not a privilege to give these guys money for fifty years, on time and upfront. [RANT OVER]

AND,,,,,  I ,,,, had three other accounts which could have been used, so it would be easy to transfer £3K overnight though apparently they don't do overnight of course, it might take seven working days!!!!!! ............... and I 'm supposed to be  satisfied with their systems and procedures, no way.

Do I get a prize for off topic?

Edited September 11, 2017 by LadyG

[alan_fincher]

3 minutes ago, ditchcrawler said:

I have transferred much bigger sums than that, 5 or 10 grand at a time I can't remember which for free 

The amount of money you can transfer using on-line banking is set by individual banks, and varies dramatically between them.

(Note these are NOT restrictions of either BACS transfers or the Faster Payments system).

The bank where I hold my current account you can do £20K per day, (used to be £10K), but that is across all accounts you hold, joint or individual.

On the other hand I have encountered other transfers where the institution involved allows very much larger figures.

There's no logic I can see to how individual institutions chose to set it.  I'm pretty certain that few will restrict to the £750 mentioned though.