BUYERS GUIDE

Before you buy

• Start searching - look at the types of boats available and find out what best suits your desires and budget.
• Weigh up the costs - remember to consider all other expenses involved when buying a boat - for example mooring, storage, maintenance and insurance.
• Contact us - we will discuss the types of finance available to you. You may be surprised to learn that you might be able to afford more than you expected.
• Use your negotiating power - we could establish a credit line, which shows sellers that you are serious and puts you in a better position to negotiate. We will send you a Letter of Offer, which we will ask you to sign and return to us.

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Making an offer

• Make your offer - once you have chosen a boat through either a broker or a private seller, it’s time to show that your interest is serious.
• Start the paperwork - when your offer is accepted, you will be asked to put down a deposit and sign a purchase contract. (If it is a private sale, purchase contracts can be obtained from the British Marine Federation (www.britishmarine.co.uk - opens in new window) Always sign a contract "subject to finance approval". If the contract is for a second-hand boat, also add: "subject to a satisfactory survey and valuation".
• Organise a survey where necessary - should you be buying a second-hand boat, contact an accredited surveyor and ask them to provide you with a full survey and valuation. You should satisfy yourself with your chosen surveyor's professional standing and professional indemnity insurance.

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Proceeding with your purchase

• Tell us to go ahead - once you are happy to continue with the purchase, contact us and provide details of the boat, the seller's or broker's name and address, the boat's registration status (Part 1 or SSR) and a copy of the survey and valuation for our review.
• Sign on the dotted line - we will issue our marine mortgage documentation for you to sign. If the boat is registered or going to be registered, we will also send you the appropriate documents to enable the registration to be completed in your name.
• Wait while we verify things - at the same time as we send you the mortgage documents, we will contact the private seller or broker to request the title paperwork and proof of VAT on the vessel.
• Tell us to pay the seller - once we have received the signed documents from you and the available title documentation from the seller or broker, and confirmed that your deposit has been paid, we will check that the insurance cover is in effect with our interest noted. We will then ask for your authority to release the funds to the seller or broker.

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We will be delighted to help and guide you through this process - to make sure your transaction is completed as efficiently and securely as possible.