Cash Purchase

[Doug99]

If someone accepts a large cash offer to buy a product eg £150k ie a boat. What is the best means of checking the funds are 'clean' before it is transferred?

I am aware that a house purchase would be managed by solicitors via the conveyancing process so just wondering if there was some way of formally having the funds checked before transfer.

 

[Doug99]

I assume a bank transfer between UK banks will be sufficient as a UK bank will have already sanctioned the large cash holding before its transfer.

 

[Mottie]

Tell them to pay the £150k cash into their bank and then transfer to your bank. Let them have the boat once your bank has confirmed that the money has cleared and can’t be stopped/reversed. If it’s not 'clean' that’s not your problem - that could apply if someone bought your house with 'dirty' money - how are you supposed to know? If the buyer doesn’t want to do that, I’d walk away.

 

[motorbiking]

It makes a big difference to your role/company. If you are a yacht broker and financier you'll need to do a lot more than if you are an individual.

A source of funds declaration along with payment via bank transfer is sufficient. It will likely need to go via CHAPS. Solicitors ask to see evidence of funds (normally screen shots of bank accounts) and then a source of wealth declaration.

thats it. Hence why Marinas are full of unused boats.

Your main worry is if they agree to pay you £300k, with you giving them the boat and then pushing the change to another account. It can be a nightmare for individuals silly enough to get involved with such too good to be true schemes as the banks black list them from holding an account.

 

[jeds]

You also should make sure you don't get stuck with a load of cash you can't do anything with. You bank will only take it if you can prove, conclusively, and I presume officially, where it came from. So cash it may be but will still require paperwork and paper trail.

 

[just pumps]

thats it. Hence why Marinas are full of unused boats.

Your main worry is if they agree to pay you £300k, with you giving them the boat and then pushing the change to another account. It can be a nightmare for individuals silly enough to get involved with such too good to be true schemes as the banks black list them from holding an account.

Good boats are selling at inflated prices and often within a week of being listed so if you notice one hanging around in a brokerage then there is a reason.

Quite why anybody would accept £300k and pay back £150k to the buyer is nuts.

 

[just pumps]

You also should make sure you don't get stuck with a load of cash you can't do anything with. You bank will only take it if you can prove, conclusively, and I presume officially, where it came from. So cash it may be but will still require paperwork and paper trail.

And it will cost you to put cash in to your bank account! Unless you do so in dribs and dabs.

 

[motorbiking]

Good boats are selling at inflated prices and often within a week of being listed so if you notice one hanging around in a brokerage then there is a reason.

Quite why anybody would accept £300k and pay back £150k to the buyer is nuts.

Because that's how they launder the money.

 

[Brigade77]

This is where soshal meedya fails . . .

We have several opportunities here for the 'experts' to jump in with their opinion without knowing all of the facts.

The OP is asking a question that simply doesn't translate to the real world. Nobody who has something to sell, & it's worth as much as £150k, would ever think about asking advice from soshal meedya on the best way to go about it, would they?

Think about it. If they truly stupid then nothing they own could ever possibly be worth £150k. If that statement is false then someone will come along & buy that off them for a fraction of its value. Then, the question would be "I've been stupid, how do I get my £money back".

OP is asking a stupid question. If OP was truly stupid, this wouldn't be the question they ask.

We buy any car.

We buy any house.

Free pensions advice.

Bitcoin is your future & Martin Lewis is our customer.

All of it exists only because soshal meedya itself is nonsense.

 

[motorbiking]

It’s a perfectly normal situation and a reasonable question. Used boat sales do not need a broker and the RYA even provide a free contract template. Today £150k won’t even get you a 30ft Axopar with a couple of decent outboards used.

 

[Brigade77]

It’s a perfectly normal situation and a reasonable question.

No it isn't.

People who are in a situation of buying / selling & large amounts of £cash are involved don't tend to turn to soshal meedya for the latest on funny £money.

 

[JP_]

By cash, do you mean folding green ones, or cash transfer?
If somebody is offering £150k cash for a boat, the chances are it's not entirely clean!
If I was in this boat, I'd speak to my bank, tell them somebody wants to payment £150k for my boat, and ask what precautions I need to take, if any, and what checks they carry out to make sure it is all legit. Why risk losing a boat to money launderer?

Plus, if you have any suspicion that something is not right, you need to report it. To keep even a suspicion secret could land you in hot water. Could just be somebody looking to wash their cash through one transaction, to then sell the boat on in a more legit transaction.

Worth a read
https://www.gov.uk/guidance/money-laundering-regulations-high-value-dealer-registration

 

[Doug99]

This is where soshal meedya fails . . .

We have several opportunities here for the 'experts' to jump in with their opinion without knowing all of the facts.

The OP is asking a question that simply doesn't translate to the real world. Nobody who has something to sell, & it's worth as much as £150k, would ever think about asking advice from soshal meedya on the best way to go about it, would they?

Think about it. If they truly stupid then nothing they own could ever possibly be worth £150k. If that statement is false then someone will come along & buy that off them for a fraction of its value. Then, the question would be "I've been stupid, how do I get my £money back".

OP is asking a stupid question. If OP was truly stupid, this wouldn't be the question they ask.

We buy any car.

We buy any house.

Free pensions advice.

Bitcoin is your future & Martin Lewis is our customer.

All of it exists only because soshal meedya itself is nonsense.

Me stupid? It was a straight forward question posted on a DIY FORUM!!!
Its a stupid person who thinks I would just accept the replies et al.
There are old and bold members on here who may have experience of such matters
Thanks to Djangobanjo for their sensible suggestion.

 

[Harry Bloomfield]

By cash, do you mean folding green ones, or cash transfer?
If somebody is offering £150k cash for a boat, the chances are it's not entirely clean!
If I was in this boat, I'd speak to my bank, tell them somebody wants to payment £150k for my boat, and ask what precautions I need to take, if any, and what checks they carry out to make sure it is all legit. Why risk losing a boat to money launderer?

Nobody has that amount of money sitting around as actual cash, much more likely they are saying they have it sat in a bank somewhere. People do have such amounts in the bank.

 

[Brigade77]

Thanks to Djangobanjo for their sensible suggestion.

I'll just leave it there then !