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Hi to everyone

I'm hoping to buy a caravan thats a 3 hour drive away. I've agreed a price with the seller but due to the distance would like to view and buy in 1 trip.

The van is only 1 year old and I can do the CRIS checks before I go. It's just been serviced. I'm very confident its what the seller tells me. I've already asked lots of questions and done my homework....

The price is over £10k so is there a sensible payment method I can use on the day? Is hard cash the only way to go! I don't want to hand over any cheques that the seller will want to clear before they release the van over. I'm sure they are as paranoid over this as I am!!!

Thoughts and experiences would be greatly appreciated.

Thanks Neil

We sold our caravan last month and were stressing over the payment for it. Fortunately it was sold to a really nice family who live not too far away and they brought cash for it. It is a large amount of cash to carry around with you but we took it to the bank straightaway and there were no problems. Hope it goes ok for you!

Hi Glynnis

I think a bankers draft takes some days to clear. The seller won't let me take the van until the money is in there account. Understandable given the amount.

Neil

You can't do an instant balance transfer for over 10k (check this with your own bank as they all have their own limits) - I think this amount takes 3 working days because of the new money laundering rules.  This happened to us last year, caravan was 1.5hrs away and we desperately wanted to take it away with us but the transfer just didn't come through in time so we had to go back in the week to collect and just left a deposit with the seller.  I think your only option really would be cash to be honest if you can't wait. 

I'd also advise that you arrange for an MCEA mobile caravan engineer to meet you at the caravan to do the inspection with you, they only cost around £60 but worth it especially as you are spending so much on it. 

Quote: Originally posted by FionaW1971 on 22/3/2011

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You can't do an instant balance transfer for over 10k (check this with your own bank as they all have their own limits) - I think this amount takes 3 working days because of the new money laundering rules.  This happened to us last year, caravan was 1.5hrs away and we desperately wanted to take it away with us but the transfer just didn't come through in time so we had to go back in the week to collect and just left a deposit with the seller.  I think your only option really would be cash to be honest if you can't wait. 

I'd also advise that you arrange for an MCEA mobile caravan engineer to meet you at the caravan to do the inspection with you, they only cost around £60 but worth it especially as you are spending so much on it. 

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Ah yes good point about the £10k limit.

but he could do part cash, part bank transfer to make it work.

Good idea on the MECA engineer, £60 vs £10k+ is a no brainer, the seller would understand too. you will want to advise MECA that you have agreed a price already though

There are fake bank drafts  about.

Such a large transaction is probably worth 2 trips if you want to check it out & leave a deposit then return after a bank transfer has cleared. You could keep documents.

Otherwise if you have a partner with a separate bank account you could do 2 over the counter transfers at the bank on the day or do it online at his place.

Appreciate all the advice.

I have since spoken to my building society and they say an internet transaction is okay for the sum involved and that it is promised to hit the sellers account between 2 and 24 hours. Average is 4 hours. I'm a believer in sods law....

Alternatively they recommend a building society cheque as it can only be cancelled in writing by the name on the cheque. This sounds the way to go so I will be talking to the seller so they can reassure themselves.

Thanks for the messages. This will be our first caravan. My wife and especially kids are so excited. Nearly excited as me!!!