Boat Registration advice?

[thames cruiser]

Hi,
I have recently boat a motorboat which is currently part 1 registered on the Small Ships Register (presumably the original owner registered thus mainly as he had a marine mortgage secured against the boat). I now want to not only transfer registration to me, but alsoi change the name of the boat. I understand from many other blogs and articles I have read that all I really need for my own purposes would be part 3 registration, but to do that I first have to remove the boat from the part 1 register and then register under the part 3 scheme.
Before I do this, is there any real advantage to me (paying the extra money!) to transfer ownership and change name under the part1 regsitration scheme, rather than 'dropping out' of part 1 registration in favour of part 3?
Thanks in advance for any advice offered.

 

[Moody]

Not Really

I have had both and don't really see any benefit for a private owner in the UK, apart from when you come to sell it the owner will have some comfort in knowing that any outstanding finance is visible.

Having said that as all the hard work has already been done for you previously (survey etc.) you may want to keep it part 1. Just remember that your chosen name will have to be unique on the part 1 register.

Neil

 

[Tranona]

Yes, probably best to keep it on part 1 as when you come to sell it may make the buyer's life easier. If he wishes to finance the boat it will need remeasuring and reregistering. Apart from the cost of transfer, the only additional cost is the higher renewal fee every 5 years. In the whole scheme of things owning a boat, these costs are trivial compared with the (admittedly limited) benefits.