Angry People

The captain and I recently engaged the services of Tucker Designs to complete a valuation on a boat we wanted to purchase. Other surveyors/valuers were recommended to us but they were all busy, as is to be expected of professionals. However, in our enthusiasm to move things along, we went the the first bloke that could get out and do the job within a few days.

He initially tried to force us to get a full marine survey, which we did not need, before finally agreeing to complete the valuation. Now, I don’t have a lot of experience in this area but the boat traders we spoke to say that approaching £200 to carry out a valuation on a narrowboat is expensive. It’s very detailed and lists all the equipment in the boat, but then discounts it all from the valuation?

Prior to being purchased by the current owner, in March, the boat was advertised at £26,000 more than Tucker’s valuation.

The boat is currently advertised at  £12,000 more than Tucker’s valuation, as the current owners circumstances have changed.

We have had an offer accepted which is still less than the current asking price for this boat, which is comparable in equipment and price with all the other boats we have looked at, in marina’s and on canal moorings. However, Tuckers valuation is so low we will not be able to get finance to buy the boat. Either that or we wait for a professional boat valuation and pay again.

What is Tuckers problem? We have a survey and we know the boat is good. Tucker Design’s valuation says the boat is good, it just undervalues it. We are satisfied, from our own research and experience as well as the advice of other professionals, that would be getting a good boat for the price we have offered.

So, don’t use Tucker Designs for a valuation if you are looking for marine finance or marine insurance. They have a reputation in the trade for undervaluing boats (and I’m doing my bit to make it accessible.)