2nd Hand Yacht Purchase Procedure

[Bodach na mara]

To answer your questions, if UKRS say that they want to see 4 signatures on the BoS then that is what must happen. Otherwise they may not accept registration in 4 names. But think on. For various reasons it is simpler for the vessel to be registered in a single name. Getting 4 people to provide witnessed signatures to a document can be a right p.i.t.a. And there will be occasions in the future when you will find that you are unable to do something unless you assemble these 4 people in one place at one time.

Admittedly this has occurred only once to me and that was when I was selling my last boat and the broker noticed that the previous BoS showed us as joint owners. This delayed the process by a few days and involved an extra journey to their office.

PS. I agree with the other contributors that final balance should be paid ONLY on transfer of ownership and reception by you of the vessel. Although transfer to a brokerage client account is permissible. Provided that you have complete trust in the broker.

 

[Irish Rover]

I don't understand this...

you presumably had an agreed price, subject to survey, and put down a deposit - before the survey.

now you have had the survey, and believe that there will be no obstacles to going forward.

why are you paying "the balance" to the broker, so long before the "agreed handover"

i am assuming that by "agreed handover" you mean the transfer of title.

why would you not get title to the boat at the same time as you pay the balance?

See post #15

 

[Irish Rover]

To answer your questions, if UKRS say that they want to see 4 signatures on the BoS then that is what must happen. Otherwise they may not accept registration in 4 names. But think on. For various reasons it is simpler for the vessel to be registered in a single name. Getting 4 people to provide witnessed signatures to a document can be a right p.i.t.a. And there will be occasions in the future when you will find that you are unable to do something unless you assemble these 4 people in one place at one time.

Admittedly this has occurred only once to me and that was when I was selling my last boat and the broker noticed that the previous BoS showed us as joint owners. This delayed the process by a few days and involved an extra journey to their office.

PS. I agree with the other contributors that final balance should be paid ONLY on transfer of ownership and reception by you of the vessel. Although transfer to a brokerage client account is permissible. Provided that you have complete trust in the broker.

See post #15 - separate matters x 2.

 

[jwilson]

A lot of confusion about signatures on a Bill of Sale.

A standard MCA Bill of Sale ( currently https://assets.publishing.service.g...6c3ee68f9b/MSF_4705_Rev_1118_Bill_of_Sale.pdf ) does not have the buyers signatures - only their names, addresses and occupations. It is the seller ( or sellers ) who sign. If the boat is Part I registered you need all this, and if re-registering on Part I you send it to the MCA with a certificate of eligiblity and an application form ( all on the MCA website ) along with payment. After making a good photocopy to keep.....

If the boat is unregistered or SSR ( Part III ) registered you can use any form of Bill of Sale ( anything including back of envelope handwritten ) though most people either use the RYA one ( on their website), or use the MCA one linked above, though often not bothering to fill in occupations of the sellers. In this case you do not send it to the MCA. You can then choose to register on SSR again yourself.

 

[Irish Rover]

A lot of confusion about signatures on a Bill of Sale.

A standard MCA Bill of Sale ( currently https://assets.publishing.service.g...6c3ee68f9b/MSF_4705_Rev_1118_Bill_of_Sale.pdf ) does not have the buyers signatures - only their names, addresses and occupations. It is the seller ( or sellers ) who sign. If the boat is Part I registered you need all this, and if re-registering on Part I you send it to the MCA with a certificate of eligiblity and an application form ( all on the MCA website ) along with payment. After making a good photocopy to keep.....

If the boat is unregistered or SSR ( Part III ) registered you can use any form of Bill of Sale ( anything including back of envelope handwritten ) though most people either use the RYA one ( on their website), or use the MCA one linked above, though often not bothering to fill in occupations of the sellers. In this case you do not send it to the MCA. You can then choose to register on SSR again yourself.

Yeah, a lot of confusion, as you say. If you read #17 you'll see the reason for the confusion is that the UKSR gave me information yesterday which contradicts what you and I both interpret form 4705 to require. I'll talk to them again on Monday. They're mostly very helpful but the quality of the information seems to vary depending on which staff member answers the phone and, they resist when you ask to speak to a particular person.

 

[Irish Rover]

OK. We're back on track after an early morning call to UKSR (open from 07.30 ). Buyer does not need to sign BOS. Gets a bit complicated after that. If there's more than one buyer going on the registration and they are NOT JOINT OWNERS there has to be a separate BOS for each of the buyers showing how many shares each is buying [can't see my Austrian corporate seller wanting any part of that). If joint owners they just need to be named on the BOS. Alternatively one owner can buy the boat and then sell a specific number of shares individually to the others via a separate BOS in respect of each one.
So in summary my options are as follows:-
- have 4 joint owners, or
- provide 4 separate BOS's.

PS - I'm just listing the options for clarity, I don't need advice on which is the better course. I'll figure it out myself, thanks .

 

[Sticky Fingers]

Yup. That’s what I thought once I’d been corrected on the issue of signatures…!

 

[Buck Turgidson]

OK. We're back on track after an early morning call to UKSR (open from 07.30 ). Buyer does not need to sign BOS. Gets a bit complicated after that. If there's more than one buyer going on the registration and they are NOT JOINT OWNERS there has to be a separate BOS for each of the buyers showing how many shares each is buying [can't see my Austrian corporate seller wanting any part of that). If joint owners they just need to be named on the BOS. Alternatively one owner can buy the boat and then sell a specific number of shares individually to the others via a separate BOS in respect of each one.
So in summary my options are as follows:-
- have 4 joint owners, or
- provide 4 separate BOS's.

PS - I'm just listing the options for clarity, I don't need advice on which is the better course. I'll figure it out myself, thanks .

4 BOS go on . You know you want to. Just think of the fun you’ll have when you come to selling