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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 70416
Experience:  Over 5 years in practice
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I put £1000 deposit on a boat with a boat brokerage company

Customer Question

I put £1000 deposit on a boat with a boat brokerage company and 10 days later decided not to buy the boat. And I entitled to a refund ?
Kind regards
Wayne
Submitted: 12 months ago.
Category: Law
Expert:  Jo C. replied 12 months ago.

Did you agree cancellation rights?

Customer: replied 12 months ago.
No
Expert:  Jo C. replied 12 months ago.

OK. I presume they still have the boat to sell?

Customer: replied 12 months ago.
Customer: replied 12 months ago.
But it was on 10 days
Customer: replied 12 months ago.
Only 10 days
Expert:  Jo C. replied 12 months ago.

Were you buying outright or using finance?

Customer: replied 12 months ago.
Buying outright £10000
Customer: replied 12 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Jo C. replied 12 months ago.

In that case, you are entitled to at least most of it back

Expert:  Jo C. replied 12 months ago.

The starting point is that you are locked into a contract and breaking it would be unlawful.

However, they only have a claim for the sum of their loss and they still have the boat to sell to another.

They may get some readvertising costs. They may get some admin costs. That would be very low.

the majority of your deposit should be returned.

Can I clarify anything for you?

Jo

Customer: replied 12 months ago.
What law am I covered by ?
Expert:  Jo C. replied 12 months ago.

Well, what I said above?

Expert:  Jo C. replied 12 months ago.

There isn't an act of parliament on the point

Customer: replied 12 months ago.
Ok, I just thought there maybe a consumer protection law ?
Customer: replied 12 months ago.
Thanks Jo !
Expert:  Jo C. replied 12 months ago.

Not unless you did the deal remotely and then you would have cancellation rights automatically.

Jo C. and other Law Specialists are ready to help you
Customer: replied 11 months ago.
Hi Jo,
They said they work closely with trading standards and say they don't have to give me my deposit back and even gave me Stafford Trading Standards phone number.I looked online at Trading Standards and this tends to support them.On the pre- contract form I signed it says if you have a survey and it shows up something they will give it back but if you just change your mind they won't.Funnily enough they still advertised the boat for sale while It was under contract with me.Not even a sale agreed sign on the website. You have a month to complete but I felt really bad pulling out so let them know after 10 days.From their website-
'Deposits are refundable if the vessel has a full out of water survey carried out by an independant surveyor and faults are found with the hull or the engine that exceed more than 5% of the asking price of the vessel.(Within 4 weeks of giving deposit). We will need to see the survey detailing any faults for the hull or the engine that equates to the 5% as listed above. Otherwise deposits are not refundable if a buyer pulls out of the sale. There is no point in taking a deposit if a buyer can just take it back. Deposits go towards covering our costs. Vessels must be paid for in full with in 4 weeks from paying your deposit. We can sometimes extend the 4 weeks for final payment based on individual requirments and subject to terms and conditions.'Clients Trust AccountWhen you buy a boat from us you pay all monies in to our Company clients trust account which means that the buyers and sellers money is protected. This is the same account that solicitors set up for house sales .This money does not belong to the company it belongs to the buyer until the sale is complete and then we pay the seller from the company clients trust account. We cannot release the money from the Clients Trust Account to the seller until the vessel has been accepted and handed over to the buyer because if there was a fault with the vessel and the buyer refused to accept it and wanted their money back we could not do this because the seller would of already had the money. This could become a very costly and messy problem for all parties.This money never enters our company current account .This also means that we cannot use customers money for other purchases/reasons. If at any point the company went bust then the buyers/sellers money is safe and it would go back to the rightful owner of the money.We have had this company clients trust account set up from day one to protect our customers money. This account is a secure holding account. We pay the seller monies due from this account when the buyer has signed to accept the vessel. Payment is made from this account to the seller by cheque from the clients Trust Account which is protected guaranteed funds.We are members of the British Marine Federation and we follow a strict code of practice regarding the above. We hope this explains what a Client Trust Account is and you can be sure that you are buying/selling via an ethical company that has morals, ethics and standards and think of our customers first...To be honest I dont know how to proceed ?Thanks
Wayne