Buying a second hand boat

One of the best ways to begin looking for a boat is by reading specialist boating magazines which include adverts placed by builders, individual owners and yacht brokers. At Preston Marina you have the opportunity of viewing many different types of vessel all in one location.

Having decided on the boat you would like to buy, you will deal directly with the owner or through a broker such as ourselves. The business of buying can be split up into seven stages.

1. Making an offer
2. Signing an agreement to purchase
3. Paying a deposit
4. Commissioning a survey
5. The surveyors report
6. Re-negotiation of the contract depending upon the survey results
7. Completing the sale

If your offer to purchase has been accepted by the owner, an agreement to purchase is signed by you and 10% deposit paid to the broker, who will withdraw the boat from sale pending a satisfactory survey. Preston Marina would always recommend that a survey be carried out by a professional surveyor.

The surveyor’s report is likely to show up any deficiencies, even on a new boat and the surveyor will only comment on the things that are wrong, not the good points, do not be disheartened by this. The surveyor will normally be prepared to discuss the report with you.

Once in possession of the survey, you can confirm your offer to proceed with the purchase at the agreed price, or in the event of material defects and deficiencies being found, you can reject the vessel and cancel the agreement to purchase, your deposit would normally be returned. Another option is to re-negotiate the selling price.

All costs of lifting and surveying are at the prospective buyer’s expense.

Assuming you go ahead with the purchase, the sale must now be completed. On receipt of the balance for the full payment of the boat a ‘Bill Of Sale’ will be issued and the boat transferred to your ownership by the vendor. You should have insurance cover from this point in time

PLEASE NOTE: All boats at Preston Marina are owned and offered for sale by private individuals not acting in the course of trade. Purchasers are advised that there are no guarantees or warranties when purchasing from such individuals. We strongly recommend that a professional surveyor be engaged to check the boat prior to purchase. After purchase there are no remedies for any faults found. Preston Marina act as an agent for the vendor and cannot offer guarantees.