Advice needed about selling a liveabord motor yacht in Turkey

[ATCBird]

My father passed away last year and we are trying to sell his liveaboard wooden 16m motor yacht that is based in Turkey. My sister and I don't know much about motor yachts and we could do with some advice as she is currently costing us money and we need to try and find a quick sale.

She is listed on YBW, Apollo Duck, a Turkish brokerage and I am trying to get her listed with Wooden Ships in Dartmouth.

Does anyone have any ideas how we can get a quick sale? The cost of bringing her back to the UK seems prohibitive; she is currently being looked after in Turkey and we wouldn't have that if we moved her to another location in Europe.

Are there such things as boat auctions or is eBay a good place to list her?

Any advice gratefully received.

Tania

 

[macd]

Sorry for your loss, Tania. We've had a few drinks on Lady C, an hospitable vessel.

You may already know this, but there could be important EU VAT issues for the boat. Basically, if she's sold in Turkey to an EU resident, then moves to the EU, the buyer would have to pay VAT again (whether or not it's been paid in the past). This may not be applicable in Lady C's case, but if it is there are legal ways round it. Your Turkish broker should be able to advise.

Quick sale is generally down to price, I'm afraid. Plenty of boats linger for sale for years when the price is too high, and we're living in what is generally a buyer's market. You've not only the storage costs to consider, but any boat will deteriorate left to its own devices )and particulalry a wooden one in the Turkish summer).

Good luck.

P.S. Having looked at the price and age, and comparing it with similar boats in the UK, your asking price is, I fear, grossly unrealistic. If there's another 20% or so VAT to add to that on return to the EU...
Sorry, but your eyes are better wide-open.

Please pass on Cierzo's best wishes and sincere condolences to R when next in touch.

 

[ATCBird]

Thank you for your words.

We would probably move her to Greece to complete any sale to an EU resident, which I have been told would get around the problem, although someone has said she is exempt because of her age?

Tania

 

[macd]

Thank you for your words.

We would probably move her to Greece to complete any sale to an EU resident, which I have been told would get around the problem, although someone has said she is exempt because of her age?

Technically, age exemption also lapses if the vessel is exported from EU -- although, slightly bizarrely, the vessel would still retain the same documentary 'proof' of being 'deemed VAT paid by virtue of age'. So perhaps not worth worrying about. On the other hand, your concern isn't whether I would worry, but whether a potential buyer might. The fewer reasons you can offer for nagging doubts, the more likely the prospect of sale. You always have the fall-back of conducting the sale in Greece.

P.S. Looking at the message timings, I added a 'P.S.' to my first post after your last post.

 

[Tranona]

Thank you for your words.

We would probably move her to Greece to complete any sale to an EU resident, which I have been told would get around the problem, although someone has said she is exempt because of her age?

Tania

Age is part of the issue in relation to exemption, but you need to look at the history of where it was in the past. The boat looks pre 1985, so on age it will be OK , but you also need to consider the "accession" rules to provide evidence that it is exempt. For most of the mainstream EU countries that was 1992 and the boat must have been in an EU state on the qualifying date. If the boat was in the UK at that time with evidence such as marina bills then it is no problem. However, if it was in another non (1992 accession) EU state such as Croatia or Slovenia then the qualifying date will be different. If it was in Turkey then it will not qualify at all and be liable to VAT on entry. Of course the easiest thing is to find a buyer who will buy it in Turkey and then he can worry about it!

If you do want to keep the option open to bring it back into the EU under the "returning goods" rule then I suggest you do not transfer ownership to yourself (or whoever are the beneficiaries of your father's estate) but have the executor sell it on behalf of the estate (I assume you have probate). This is because it is the person who took the boat out of the EU (assuming it was your father!) who has to import it, and the executor is legally the same thing as s/he will sign the Bill of Sale as executor for your father. It is worth reading the RYA information on yacht ownership and particularly the bit on what to do when the owner dies.

I agree with macd about being realistic with price if you want to sell quickly. The market is poor and lovely though your father's boat is, it is not attractive for a liveaboard these days - and the market is slow because most potential buyers are N Europeans and there is nervousness about the political and economic problems of that part of the world. On top of that you only really have the summer period to attract buyers as few will want to have the hassle and expense of going to view in the winter.

 

[ATCBird]

Thanks for the reply, the boat is still under us as executors. We can't fund her for much longer and if we can't sell her, do you know if we can scrap her in Turkey?

 

[jordanbasset]

Thanks for the reply, the boat is still under us as executors. We can't fund her for much longer and if we can't sell her, do you know if we can scrap her in Turkey?

Why not put her on ebay with no reserve if you are thinking of scrapping her anyway, or maybe try dropping the price by 50%?

 

[JVL]

Sorry for your loss, i new your father in fact i painted Lady C for him in Agudulce , he even joined the family for christmas lunch. As for Lady C I'm afraid the demand is not there, reduce the price hard get her on a few websites and she will sell.

Regards

John

 

[OldBawley]

Sorry for your loss, we new your father. We had quite a remarkable adventure involving a poisoned dog, lots of blood and a cut off tail on one of our joint trips.

Maybe a post in the wooden boat forum. The forum is mostly US but has readers in Turkey and Greece also.

 

[Promarine11]

Great advice JB. Scrapping in some EU countries involves a number of quite expensive disposal taxes. Reduce price in situ as soon as possible placing with reliable local representative and list Ebay sounds like best advice. Very best of luck.

 

[duncan99210]

I'd try eBay as well but as others have said a very sharp reduction in price as, lovely though she is, she occupies a very small niche in the market. Very few folks these days want a fairly elderly wooden boat. An eBay classified ad may be a better bet than an auction.

 

[Musti]

Hi Tania,
Firstly sorry about your lost, I was trying to find the that boat on appolduck web but I can't find it,
I'm Living in UK / Leicester also I'm Turkish citizens, I'm interested with your boat, could you email some more picture and details about the boat, I hope you haven't scrape the boat
Thanks
Musti