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  1. #31
    Join Date
    Nov 2001
    Location
    Medway
    Posts
    17,279

    Default Re: Urgent. Sales and purchase agreement

    Accepting all the other caveats regards moving money...........
    My first reaction when matters progress to a possible private purchase of anything not actually located at the vendors house is to get onto Google street map and have look at the sellers home address location .
    Might just help, depending of what appears.
    Useful also to determine if any lengthy drive is worth the trouble and time looking at stuff.?

  2. #32
    Join Date
    Mar 2007
    Location
    South of France.
    Posts
    3,213

    Default Re: Urgent. Sales and purchase agreement

    Don't they use IBAN numbers in the UK? That's our easiest way of transferring large sums.
    _______________________

  3. #33
    Join Date
    May 2007
    Location
    Uxbridge
    Posts
    3,422

    Default Re: Urgent. Sales and purchase agreement

    In terms of payment for boats ignore everything that's been written and take the following as Gospel. It's what I do in my day job and, I've paid the extremely high price of understanding the various shortfalls.

    Bankers draft. Very easy to forge either with a stolen draft book or printed copy. It's a bit of paper that costs less than a tenner to get hold of and you can write anything you want on it. A couple of signatures, a ruler to draw a straight line and you've got yourself a £50k note.

    You can phone the issuing bank, hard to get the branch number (don't use the one on the card given to you from the buyer). They may or may not admit to writing the draft but can't guarantee the draft you have in your hand is the one they wrote. I could get a genuine draft, give you a counterfeit one then pop the real one back into my account. Easier to just give you a hooky draft wrapped up in a story that covers why you're getting it now. Even if your bank accept it, which they will you don't get the money until it clears which in the case of a counterfeit is never. You get a call from your bank in 2-4 days when they let you know you're knackered.

    The only way to take a draft is if you were physically present when issued by the bank and you saw it handed over.

    CHAPS and fast pay. There is a gaping hole in both of these methods. The name of the beneficiary is, amazingly, totally ignored. All they look at is the sort code and the account number. If says A Smith but the account relating to the sort code and account number is D Patel the money will go into Mr Patel's bank account and promptly be withdrawn and routed elsewhere.

    You need to be extremely careful how payment details are given and that means not by email. If your account is hacked and your message intercepted you buyer will send the money to an account other than yours and you will lose the boat and your money. The buyer only did what you (thought you) asked him. Confirm bank details by text and or fax and be very careful entering the 14 digits.

    Considering UK banks hope to take care of European banking post Brexit it beggars belief that they don't bother to check the intended recipient name against the receiving account name when moving life changing amounts.

    Sorry to be boring and serious on a glorious Sunday evening but it might save you a fortune.

    Henry.
    Last edited by henryf; 13-08-17 at 20:39.

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