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Buying a boat - Financial etiquette?
Posted: Mon Dec 13, 2021 4:19 pm
by g4fne
Hi folks .... Newbie here ... Buying a first boat is a proper bucket list ticking moment for me and I am viewiing another this week.
I was wondering how the financial transaction takes place between private buyer and seller.
Once price is agreed .... i assume i then offer a deposit to hold whilst i sort transport?
Once i have sorted transport and dates for collection is agreed, at what point do i pay balance to the seller, Is it at point of transport company loading or before?
Re: Buying a boat - Financial etiquette?
Posted: Mon Dec 13, 2021 11:56 pm
by Clive
Bit like buying a car privately. Many ways but what you suggest is ok. Just don’t pay the lot until you are taking it away - a bank transfer you both can see at the point of sale.
I got over keen and bought without a survey but the seller was a business and good. Any doubts get a survey. What are you looking to buy? There are very knowledgeable people here but replies can be slow. Good luck!
Re: Buying a boat - Financial etiquette?
Posted: Tue Dec 14, 2021 12:15 am
by g4fne
Thanks for reply. It's a Family 4 ... Problem is its 300miles away. Happy to leave a deposit with guy but collection can't take place until after Christmas.
Re: Buying a boat - Financial etiquette?
Posted: Tue Dec 14, 2021 8:49 am
by Clive
How old? And where is it? Engine should be good, what size and make is it? Shetlands are great boats but old ones prone to problems with water ingress. Search leaks on the forum! My 4+2 came restored but leaked - hatch, window, behind rubbing strip, and under bow rail. Check anchor locker too. Spent a lot of time sorting and fibreglassing countless holes from accessories (never done it before but YouTube helped) also dings and spider cracks.
Hood might leak, major concern is a soft floor, water can get under the floor and rot the timbers underneath (stringers). Foam is used and if it’s waterlogged adds a load of weight. I was very lucky as I saw a super clean GRP boat so knew there was no osmosis and it came with new lining and upholstery. I knew nothing of the issues I’ve described here. If I had, I would have asked a lot more about why it needed relining, in my excitement I assumed it was cos the boat was 30 years old. I got a lot of boat for my money and have been lucky - not mentioned I had to do new electrics, steering, portholes and flushing toilet refurb!
Basically a couple of dogs will be less work and you always have jobs to do. If that prospect is a chore, walk away. If you love it like I do - and others here, then sign up to the forum (£5) and welcome to the crazy amazing world of boats. Btw you’ll need a braked trailer and make sure the combined weight is within legal limited for your car, 300 miles is one hell of a long tow, better be worth it. Where is the boat?
Re: Buying a boat - Financial etiquette?
Posted: Tue Dec 14, 2021 8:53 am
by Clive
Btw, I’ve been looking at motorhomes to do a couple of bucket list trips then sell. ALL the affordable ones are scams - cheap, miles away, and delivered free with a money back guarantee if you don’t like it! One offered delivery and invoice/guarantee via Hermes!!! Just be careful!
Re: Buying a boat - Financial etiquette?
Posted: Tue Dec 14, 2021 2:57 pm
by dellquay13
You can't beat a good F4, I've had mine over 21 years.
I'd pay the balance when I was about to take it away. Nowadays a tesco bag full of fivers is frowned upon as money laundering or for channel migrants, but thats how i bought mine. You might want to download a Maritime and Coastguard agency Bill of Sale to use.
Is it at a private address or at a boat yard?
At a boat yard, try to get the person in charge to witness the sale. At a private address try to see some ID. Any old bills or invoices with the boat help show they actually own it to sell it.
Condition of the engine will be important, and it hopefully have some service history. A Sea trial is best, but awkward in December.
A survey is recommended as a beginner, but I've bought loads of boats without and only came a cropper once with a dud.
Keep us posted, we need boat news to keep us going through the winter months, even if it only sharing our learning curves.
Re: Buying a boat - Financial etiquette?
Posted: Tue Dec 14, 2021 4:40 pm
by Clive
Barely enough time till spring to list all my earning curves. And a learning curve is only a learning curve when you find out something you wish you'd known previously!
So Mr Dellquay13, what's your biggest learning curve?
Re: Buying a boat - Financial etiquette?
Posted: Tue Dec 14, 2021 7:33 pm
by dellquay13
Biggest learning curve? A Yacht... Nothing in common with a Shetland.
I'm a novice all over again.
I bought my first motor boat from Fareham in Jan '98. Within 3 weeks I'd studied and passed my RYA ICC theory and practical on an icy river Trent 1st time afloat, got my international certificate of competence paperwork and towed the boat to Greece across the Austrian Alps in the snow, and even that was less of a learning curve than buying a yacht off the internet in lockdown.
Now I'm back at evening class taking my Yachtmaster theory.
Re: Buying a boat - Financial etiquette?
Posted: Wed Dec 15, 2021 8:06 pm
by g4fne
Clive wrote: Tue Dec 14, 2021 8:49 am
How old? And where is it? Engine should be good, what size and make is it? Shetlands are great boats but old ones prone to problems with water ingress. Search leaks on the forum! My 4+2 came restored but leaked - hatch, window, behind rubbing strip, and under bow rail. Check anchor locker too. Spent a lot of time sorting and fibreglassing countless holes from accessories (never done it before but YouTube helped) also dings and spider cracks.
Hood might leak, major concern is a soft floor, water can get under the floor and rot the timbers underneath (stringers). Foam is used and if it’s waterlogged adds a load of weight. I was very lucky as I saw a super clean GRP boat so knew there was no osmosis and it came with new lining and upholstery. I knew nothing of the issues I’ve described here. If I had, I would have asked a lot more about why it needed relining, in my excitement I assumed it was cos the boat was 30 years old. I got a lot of boat for my money and have been lucky - not mentioned I had to do new electrics, steering, portholes and flushing toilet refurb!
Basically a couple of dogs will be less work and you always have jobs to do. If that prospect is a chore, walk away. If you love it like I do - and others here, then sign up to the forum (£5) and welcome to the crazy amazing world of boats. Btw you’ll need a braked trailer and make sure the combined weight is within legal limited for your car, 300 miles is one hell of a long tow, better be worth it. Where is the boat?
Hi Clive ... Deal done today
... transport arranged for January .... Its a 2010 Family 4 .... Looked very clean and tidy .... man&wife sellers, both very nice and genuine people. We got to get a little trip out in it so definately works
.... Had loads of paperwork including original bill of sale, new engine 2019. BSCC 2025, Anti-fouled 2019 .... Upholstery all very clean, no damp smells .... Its as about as good as i could of hoped i think. We have opted not to sirvey (aware of risk) and will hopefull be with us mid-january
Re: Buying a boat - Financial etiquette?
Posted: Wed Dec 15, 2021 8:14 pm
by g4fne
dellquay13 wrote: Tue Dec 14, 2021 2:57 pm
You can't beat a good F4, I've had mine over 21 years.
I'd pay the balance when I was about to take it away. Nowadays a tesco bag full of fivers is frowned upon as money laundering or for channel migrants, but thats how i bought mine. You might want to download a Maritime and Coastguard agency Bill of Sale to use.
Is it at a private address or at a boat yard?
At a boat yard, try to get the person in charge to witness the sale. At a private address try to see some ID. Any old bills or invoices with the boat help show they actually own it to sell it.
Condition of the engine will be important, and it hopefully have some service history. A Sea trial is best, but awkward in December.
A survey is recommended as a beginner, but I've bought loads of boats without and only came a cropper once with a dud.
Keep us posted, we need boat news to keep us going through the winter months, even if it only sharing our learning curves.
Hi dellquay13 ... thankyou for the reply ... yep, ive left a small deposit with agreement of balance day before transport company fetches it .... I printed out a receipt and have sellers details and private address. Seller mooring paid up until mid next year so shouldnt be any issue. New engine 2019 and serviced 2020 ... done approx 40hours since. We did get a run out in it ... but as complete newbies didnt really know what we were looking for, but engine started first time, doesnt smoke and the boat stayed afloat so I am taking those as positives
Being transported down to a local boatyard to me in mid january and we are having it stored out of water for 3months and will get the anti-fouling done (last done 2019) and any other niggles that may need attending .... and then hopefully off to mooring about April .... tide and water level dependant as have a very low bridge to get under ..... either way, very exciting times ahead hopefully