Many people choose to sell privately. However brokers frequently see the fall-out of these situations where the boat owner has no receipt for their money, no Bills of Sale showing the passing of legal title to them, no VAT evidence (or only partial information, not originals) and no CE certificate showing the boat complies with EU law.
And frequently they have not been asked for these documents as the boat has stayed in the UK and there have been no incidents. But what if they had been checked by the port authority, or HMRC, or someone had turned up saying it was their boat which had been stolen?
The professional yacht broker will ask the seller for the correct paperwork and know what he is looking for. He will understand what the issues are if the VAT paperwork is only photocopies, or the boat has changed hands outside the EU (the VAT status falls away), or the boat is not compliant with the RCD – perhaps it came in without being declared and so has no CE certificate. And often he will be able to help with tracking down outstanding documentation, although of course if this has been destroyed even the best broker will struggle! Certified copies can sometimes be obtained so all may not be lost. He can guide on getting CE certification or if it proves to be impossible, advise about removal of the vessel from the EU.
Professional brokers have access to the ABYA Customs Warehouse scheme – allowing a non-VAT paid boat to be brought to the UK to be listed for sale. Offering a non-VAT paid boat for sale in the EU is illegal and HMRC could challenge the sale and require payment of the VAT. Brokers can apply for authorisation under the ABYA scheme.
By using a broker your investment is far better protected - brokers do all the “conveyancing” on behalf of the parties; take good photographs of your boat; perhaps do a video tour for their website; draw up the particulars and an inventory listing everything that is included in the sale. The broker will take clients to view your boat at times that may well not be convenient for you if you are offering it for sale privately (let alone the viewings where the potential buyer doesn’t turn up) and provide a legal contract so all parties know the terms, and assist with negotiating the price. They will provide the surveyor with access to the boat and help you understand the findings of the survey report and what bearing they may have on the sale/purchase of your boat.
And don't forget the final deal! Professional brokers can use their position to mediate the negotiations between seller and buyer, making sure they move to a successful conclusion.
So before deciding to “go it alone” can you honestly say you could deal with all the above?
