Thanks for your advice.
I have just been e-mailed a draft Letter of Credit, but my Barclays Bank don't seem to trust Letters of Credit.
I have spoken to the buyer in Slovakia, and it all seems to be above board.
It's just that I can't risk anything going wrong!
A Letter of credit is probably the most secure way of doing a transaction like this.
that said it must be an Irrevocable, Confirmed Letter of credit.
In other words both parties can get the contract in place and confirmed prior to the deal out of it and the bank confirms they will stand surity if the other party pulls out
The down side is tat they are hellishly expensive - expect anything up to 12% of the transaction total as your costs.
And Barclays loves letters of cedit as they will make money out of it but it will end up being at a central office based in Birmingham and not your locak branch.
So to summarise
the Letter of credit would
1) make out exactly what is for sale and where the sale will take place
2) explain exactly what condition the item for sale is in and allow for inspection to take place
3) On collection of the car the seller would be asked to sign to confirmhe has examined the car and it is as described and that he accepts said car
4) you would then send the required documents to your bank along with his signature saying he has agreed the car is as described
4) The bank will transfer the funds to your account within the specified time period (But this is guaranteed as the bank has it irrevocable and confirmed by the other bank)
Lots of legwork but really secure
Ian