Selling your canal boat in the UK can be a rewarding yet complex process. Whether you’re upgrading, downsizing, or stepping away from boating, handling the sale yourself can save money and give you more control over the process. This guide will help you navigate through creating a bill of sale, transferring the CRT licence, securely holding deposits, and ensuring funds have cleared.
1. Preparing Your Canal Boat for Sale
Clean and Maintain: First impressions matter. Ensure your boat is clean, both inside and out. Address any minor repairs and service the engine. A well-maintained boat is more attractive to buyers and can command a higher price.
Documentation: Gather all relevant paperwork, including the CRT licence, boat safety certificate, service records, and ownership documents. Having these ready can streamline the sale process.
Valuation: Research similar boats on the market to set a realistic asking price. Consider factors such as age, condition, and features. Use the boathub valuation tool to get an idea of what your boat is worth
2. Marketing Your Boat
Photographs and Description: Take high-quality photos of your boat, highlighting its best features. Write a detailed description including specifications, history, and any recent upgrades.
Listings: Advertise your boat on popular boating websites such as boathub.co.uk or altnerative providers are available such as Apollo Duck boats for sale and Rightboat.
Viewings: Be prepared to arrange viewings for potential buyers. Ensure the boat is accessible and presentable.
3. Negotiating the Sale
Price Negotiation: Be ready for offers and negotiations. Decide in advance the lowest price you’re willing to accept.
Holding Deposit: Once you’ve agreed on a price, it’s common to take a holding deposit to secure the sale. A 10% deposit is standard. Ensure you provide a receipt for the deposit.
4. Creating a Bill of Sale
A bill of sale is a legally binding document that transfers ownership of the boat from you to the buyer.
5. Transferring the CRT Licence
The Canal & River Trust (CRT) requires that the boat’s licence be transferred to the new owner. The process is as follows:
- Notify CRT: Inform the CRT of the sale. This can be done by filling out the “Transfer of Ownership” form available on the CRT website.
- Provide Details: Provide the CRT with the new owner’s details and a copy of the bill of sale.
- New Licence: The new owner will need to apply for a new licence in their name.
6. Securing Funds and Finalising the Sale
Holding the Deposit Securely: Once a holding deposit is received, it should be kept in a secure account. Provide a receipt and stipulate that the deposit is non-refundable if the buyer backs out without a valid reason.
Clearing Funds: For the final payment, insist on a bank transfer for security. Ensure the funds have cleared before handing over the boat and the keys. Confirm with your bank that the funds are irrevocably in your account.
Handover: Once the payment has cleared, arrange a handover meeting. Provide the buyer with all the boat’s documentation, keys, and a final walk-through.
Conclusion
Selling your canal boat in the UK yourself can be straightforward if you follow these steps. Proper preparation, clear communication, and ensuring legal and financial safeguards will make the process smoother and more secure. If this is something you may struggle with contact a flexible brokerage such as aqua-trader.co.uk whom is a broker we would recommend. They can cater around your needs and provide a full service including finding a buyer or they can just deal with the sale process including holding deposits in escrow, making sure funds have cleared and providing all legal paperwork for a small fee. Happy selling!
