What to consider when selling a boat in the UK
Selling a boat can be a daunting process, but with the right preparation and approach, it can be a straightforward and rewarding experience. Whether you are selling your boat to upgrade or simply to move on, there are a few key steps to take in order to maximise your chances of a successful sale.
In this boat seller’s guide, we’ll walk you through everything you need to know in order to sell your boat in the UK – from preparing it for sale to dealing with enquiries and paperwork, as well as why selling with a broker can make the process easier.
Contents:
- Preparing your boat
- Setting the price of your boat
- Advertising your boat
- Getting all of your paperwork in order
- Using a boat brokerage instead
How to sell a boat – quick summary
Selling a boat in the UK requires careful preparation and consideration. This boat seller’s guide provides essential steps for a successful sale and covers preparing the boat by fixing any issues, de-cluttering, and giving it a deep clean. Setting the right price involves avoiding overestimation and considering a range of deciding factors like location and condition. Combining this with effective advertising, including high-quality photos and detailed descriptions, is crucial. Gathering all necessary paperwork such as the Bill of Sale, VAT invoice, proof of ownership, and insurance documents also ensures a proper sale. Alternatively, using a boat broker offers expertise, market knowledge, convenience, and a smoother selling process for the individual.
Preparing your boat
Before you can start advertising your power boat or sailing yacht, it’s important to present it in the best possible light. Just like with used cars and homes, first impressions are crucial when selling something of high value. If the boat appears dirty and untidy, potential buyers may assume that it hasn’t been properly maintained in its former life. Sadly, many used boats on the market have outstanding maintenance issues and are in need of a good cleaning, but by preparing your boat ready for sale, you’ll be ahead of the competition.
Here are some tips to take when preparing your boat ready for sale:
Fix any mechanical and visual issues
Potential buyers will be put off by any mechanical problems, no matter how minor. Make sure everything is in good working order, including lights, handrails, buoys, engines, sails and other equipment.
De-clutter the boat
Remove any personal items that won’t be included in the sale as this will create more space and avoid any confusion about what’s included. Plus, you might come across things you’ve been looking for years for!
Give the boat a deep clean
It may sound obvious, but giving your yacht or motorboat a deep clean before selling can speed up the process and potentially earn more money!
- Clean and polish the hull to make it shine
- Scrub non-slip surfaces with a bleach solution or special cleaner
- Polish any stainless hardware that has lost its shine
- Replace rusty or missing screws and any other hardware or parts that have disappeared over time
- Clean and dry the carpet, or remove it if necessary
- Wash cushion covers and make sure all glass surfaces are spotless
- Remove any mildew stains with appropriate cleaners
- Sweep up loose dirt and wipe down the entire galley area, including inside lockers
- Pay particular attention to the engine compartment. If you don’t have time to do it yourself, consider hiring a professional valet to do it for you.
By following these steps, you can make your boat stand out from the crowd and increase your chances of a successful sale.
Setting the price of your boat
Determining the right price for a used motorboat or sailing yacht can be challenging, with many boat owners often overestimating its value. It’s crucial to avoid holding out for an unrealistic price, especially if you’re incurring significant costs while waiting for a buyer. Boat values can vary depending on factors such as location, condition, season, and maintenance schedules, so it can be tricky to navigate the market.
Boat brokers have an advantage over private sellers in setting prices, as they have access to databases with actual selling prices from similar vessels, so it may be worth getting in contact with a local brokerage to help.
Advertising your boat
If you’ve decided to sell your boat, advertising is likely the best way to find a buyer, but with so many options available, it can be overwhelming to decide where to advertise. While spreading the word at your marina and negotiating on the boat itself can work, it’s important to consider that your buyer may be located elsewhere, perhaps even in international waters. This is why being more proactive in your search is often necessary.
In the past, classified advertisements in newspapers and magazines were effective, especially if your boat’s target audience read those publications, however, with the rise of the internet, there are now better solutions available. If you’re searching for a more effective way to advertise your boat, online platforms such as Clipper Marine, may be the way to go.
Another top tip is to make sure you take high-quality photos of your boat, both inside and out, and provide a detailed description of its features and specifications. Be sure to highlight any unique or desirable features, such as a new engine or state-of-the-art electronics as these can make your boat stand out from the crowd!
Getting all of your paperwork in order
Before you can complete the sale of your boat in the UK, you’ll need to ensure that all of the necessary paperwork is in order. It’s important to note that these requirements can vary depending on the type of boat and the specific circumstances of the sale, which is why it’s a good idea to consult with a brokerage beforehand, to ensure that you have all of the necessary paperwork in order.
Bill of Sale
The Bill of Sale is a legal document that confirms the transfer of ownership from the seller to the buyer. It should include the details of the boat, the sale price, and the signatures of both parties.
The Bill of Sale document can be drawn up by a solicitor, but it’s not a legal requirement.
VAT Invoice
If the boat is subject to VAT (Value Added Tax), then the seller must provide a VAT invoice to the buyer. This document shows the VAT amount charged, and the buyer needs it to register the boat.
Proof of Ownership
The seller must prove that they have the legal right to sell the boat – this can be done with a registration document, title certificate, or proof of purchase document.
Boat Safety Scheme Certificate (BSS)
If the boat is over four years old and you plan on carrying over 12 passengers within inland waters, it must have a Boat Safety Scheme (BSS) certificate. This certificate shows that the boat meets the safety standards set by the Canal and River Trust and the Environment Agency.
Insurance Documents
The seller should provide the buyer with proof of insurance for the boat – this includes details of the policy and the amount of coverage.
Maintenance Records
Providing the buyer with a record of maintenance and repairs can help them understand the condition of the boat and make an informed purchase.
Not confident in selling privately? Sell with a boat broker!
Selling a boat can be a complicated process, especially for those who are new to the market. While selling a boat privately might seem like a good idea at first, there are several reasons why using a boat broker can make the process much easier and more successful!
One of the primary advantages of using a boat broker is their expertise and knowledge of the market. They have the experience and the resources to help you get the best possible price for your boat and how to market your boat effectively, including creating high-quality listings, advertising on relevant websites and publications, and networking with other brokers and potential buyers. They also have access to industry data and market trends that can help you price your boat correctly and attract the right buyers.
Another advantage of using a boat broker is the convenience they offer. Selling a boat privately can be time-consuming and stressful, particularly if you’re unfamiliar with the process. With a yacht broker, they can handle everything from the initial listing to the final sale, including negotiations, contracts, and paperwork.
Overall, using a boat broker can make the process of selling a boat much smoother, easier, and more successful. They have the knowledge, experience, and resources to help you get the best possible price for your boat while handling all aspects of the sale, from listing to closing. If you’re considering selling your boat, working with a reputable and experienced broker such as Clipper Marine, can be an excellent choice.
