privately selling your motorhome and payments

[Neil S]

what would be the safest way of accepting full payment from a private buyer , is a bank transfer totally 100 % safe .

 

[scotjimland]

what would be the safest way of accepting full payment from a private buyer , is a bank transfer totally 100 % safe .

that's what I used when I sold mine.. once the money is in your account it's safe.

it can take a bit of time for it to show in your account, so I insisted they wait until I could see it had landed in my account before I gave them the keys..

it took about 4 hours, but that is exceptional, and will depend on the bank they are using.. they were happy to wait...

it was all done on-line on my PC

 

[Badknee]

I would accept a large deposit then check it was in my bank, then on delivery day make sure transfer had gone in by phoning my branch.

 

[Figaro]

make sure transfer had gone in by phoning my branch.

Easier with online banking

 

[Lenny HB]

Since the banks brought in faster payment, payments are not reclaimable. Bank transfers are the safest way of accepting payments.

 

[nicholsong]

that's what I used when I sold mine.. once the money is in your account it's safe.

it can take a bit of time for it to show in your account, so I insisted they wait until I could see it had landed in my account before I gave them the keys..

it took about 4 hours, but that is exceptional, and will depend on the bank they are using.. they were happy to wait...

it was all done on-line on my PC

That is what we did as lawyers selling multi-million dollar aircraft.

When I bought my MH the Policeman seller would not accept a Banker's Draft, as he claimed there were too many forged ones. I arranged to collect cash from the branch of my bank in his town, he stuffed it in a Tesco bag and, after his furtive looks left and right, we went to his bank across the road who counted and checked the notes were genuine. Can't do that with $24m.

Geoff

 

[jtp890]

as a buyer , i paid a cash deposit and then travelled with seller to a branch of my bank near their location, and had bank staff make the transfer to his bank and account. they still asked me to check all their entries as i was responsible for transfer.

 

[Grianan]

The only thing about online bank transfer is that you are limited to £10,000 a day so the payment may take more than one day to come through in full.

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[Lenny HB]

The only thing about online bank transfer is that you are limited to £10,000 a day so the payment may take more than one day to come through in full.

Normally £10,000 per transaction and you can do multiple transactions or you can phone the bank to get a higher limit for a one off payment.

 

[BusyBuilder]

I paid over £50k via bank transfer on the phone via my bank, in persons house. Took about 4 hours and numerous calls to bank, but it went through in the end.

 

[scotjimland]

The only thing about online bank transfer is that you are limited to £10,000 a day so the payment may take more than one day to come through in full.

that wasn't the case with my transaction.. £21k was paid in one payment .. no phone call was required..

 

[Grianan]

that wasn't the case with my transaction.. £21k was paid in one payment .. no phone call was required..

Maybe it depends on banks? We sold a car and payments came in over 3 days then we had to wait a week for payment for a pony as the farmer had just paid for his (big) shed and had payments stacking up for several days ...

 

[Yorick]

I paid £95,000 over the phone when we bought this villa

We were in the Notaria and paid main amount by cheque from our Caixa bank and remaining money in Sterling to seller's UK account

 

[ROB1CHELSEA1]

I sold a motorhome for 30,000 via bank transfer and took three payments from a lady in Scotland who was happy to fly down and pick up van once payments were received.

 

[treetops1]

Our bank just charged us £30 to transfer £50,000 because they will only transfer max ,£30,000 a day for free.

 

[gus-lopez]

Our bank just charged us £30 to transfer £50,000 because they will only transfer max ,£30,000 a day for free.

Look on the bright side ,in Spain they charge 4/10ths of one% for any payment except cash.

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[nicholsong]

I would not release any 'document of title', e.g Bill of Sale, until I had confirmed funds in my bank account.

Nor would I expect a seller to do so.

When I bought my boat off an ex-Captain of a C+W ship, we went to the Ship's Registry Office in Portsmouth. In front of the Registrar I handed the seller a Banker's Draft, he in turn signed the Ship over to me, on full British Register, which is a Document of Title, unlike a DVLA V5C.

Be aware that conmen know the tricks.

Geoff

 

[Cheshirecat57]

Do NOT under any circumstances take a bankers draft or building society cheque,
Do not take cash
Bank Transfer is the only way

 

[Silver-Fox]

Do NOT under any circumstances take a bankers draft or building society cheque,
Do not take cash
Bank Transfer is the only way

What’s wrong with cash providing the bank is open and paid in immediately?

 

[DanielFord]

Normally £10,000 per transaction and you can do multiple transactions or you can phone the bank to get a higher limit for a one off payment.

Our bank had a limit of £10,000 per transaction via faster payments, or I could pay to use CHAPs. So I paid the £31,500 for our van in 4 transactions and saved myself the CHAPs fee!

 

[Cheshirecat57]

Cash could be forged/ dodgy notes and may only show as such after pay in- your account gets debited

Some banks CHARGE for paying cash in

Security, ....what if you get bumped on the head for it on way to bank

Laundered money ?

Compared to bank transfer which is — 0 risk

 

[Cheshirecat57]

As a footnote, we sell high value trucks every day, every week

We havent taken cash for 5 years and we havent taken cheques of any description for the last 2.

 

[Silver-Fox]

As a footnote, we sell high value trucks every day, every week

We havent taken cash for 5 years and we havent taken cheques of any description for the last 2.

Obviously you don’t sell to itinerants

Cash ok hence why I said paid straight into the bank.
If your account is credited alls good

 

[Grianan]

Obviously you don’t sell to itinerants

Cash ok hence why I said paid straight into the bank.
If your account is credited alls good

We sold our caravan to travellers who wanted to pay cash. They accompanied my husband to the bank, and he gave them the keys once the bank had paid the cash into our account.

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[nicholsong]

Cash could be forged/ dodgy notes and may only show as such after pay in- your account gets debited

Some banks CHARGE for paying cash in

Security, ....what if you get bumped on the head for it on way to bank

Laundered money ?

Compared to bank transfer which is — 0 risk

Depends how you handle the cash.

If you read my post above the Seller and I were both present when I collected the cash from a branch of my bank. We walked across the road to his bank opposite, where the cash amount was verified and authencated and he recived his receipt.

Not much risk there.

None of the methods prevent the funds having previously been laundered, but with my method the Seller would know it is my bank's responsibility to spot laundering.

Seller, being a policeman, probably was able to assess what method he felt most secure with.

Geoff

 

[MitchandJenny]

Transfered £50,000 some days ago.
We went to our building society and did "Chaps" to the other persons bank. It cost £23.50 to do it, but the money was there 2 hours later.
Secure, safe and cheap.
Good luck.

 

[Kevan]

My son just bought an old 1995 Porsche 911 993 TURBO paid £120.000 with CHAPS, that was last week, bank told him this was the safest form of payment.
OH' and if it had been the TURBO S you could add another £100.000

 

[nicholsong]

My son just bought an old 1995 Porsche 911 993 TURBO paid £120.000 with CHAPS, that was last week, bank told him this was the safest form of payment.
OH' and if it had been the TURBO S you could add another £100.000

And when he returns (broke) will you kill the fatted calf?

 

[jollyrodger]

Lloyds bank £25,000 daily online banking .

 

[TinaLes]

Sold our Mini Cooper S a few years back, BMW dealer offered us 4-4.5K, sold it privately on autotrader in first hour of it being publisised for 6.5K. Buyer transferred the funds to our bank account over night, then we released the keys and The V5 Doc.
Bought new moho last year, phoned bank to advise of large transfer amount a few days before, and the name of the dealer, went into collect did PDI Hand over, signed paperwork and transferred money over the phone from our bank at the dealers, took about an hour or so, but all OK.

on a separate concern.
I am never happy to allow the proposed new Private purchaser to test drive the vehicle, unless they can prove they have insurance cover, if they haven't got this then I drive,and they watch and listen.
I dont think many people when selling cars privately think of this, I wasn't that concerned as a youngster, but am nowadays.
Les