Boat Registration

[mickurley]

SSR or Part 1?

Do I really need part 1?
If I register SSR are there any restrictions in the way I use the boat?

Mick

 

[Guest]

It depends why you want the registration. Is it to prove you own the boat, to get a marine mortgage, or just to have a bit of paper to wave at foreign authorities?

SSR doesn't give you anything except a bit of paper to waive at foreign authorities gullible enough to fall for it.

Part I registration means you own the boat. Getting a Part 1 registration can be difficult if you can't provide full documentation (bills of sale) going right back to the manufacturer. It always struck me as strange that people are willing to buy expensive boats without registering themselves as owner - would you buy a house without registering yourself as owner? or a car? SSR registration doesn't count - it doesn't prove anything.

Marine mortgage lenders will of course require Part 1 registration. Also, when you come to sell the boat, Part 1 registration will make things easier, unless you're lucky enough to find a buyer with more money than sense!

 

[tony_brighton]

Marine mortgage lenders do not require Part 1. My last 2 boats (1 new, 1 second hand) have been mortgaged and both times registration was not stated as a requirement - I checked. I happened to get SSR to wave a bit of paper at the authorities (it seems to work very well for this purpose). The only requirement mortgage lenders have had is that the insurance notes they have an interest.

For both purchases, I have had to send them copies of the Bill Of Sale, which they have accepted as proof of ownership.

 

[gus]

Marine mortgage lenders do require Part 1 if the loan is over £15,000

 

[vyv_cox]

Agree. The company I went to would give a personal loan under 15,000 pounds, for which registration was not required. Over 15,000 and Part 1 was insisted upon. In retrospect this was an excellent investment as it established without doubt that the boat belonged to the vendor, slightly doubtful at the time of purchase. The mortgage company was extremely helpful in making contact with the original owner and the brokerage that handled an earlier transfer of ownership.

 

[tomg]

Agree with that. My last boat bought on Marine Mortgage demanded part 1. I saw the advantage of part 1 when I came to sell it and registered my present boat under part 1 even though I didn't need to borrow. Part 1 is worth the few hunreds of pounds involved, in my view.

 

[tony_brighton]

Sorry - my mortgage is three times that and I wasn't required to have Part 1 registration.

 

[BarryD]

The boat I'm looking at is not registered on SSR and the only way to find out if it has a finance charge is to write to Cardiff enclosing £12 and wait (and wait). Not a quick way to do a deal - if the seller warrents its free and unencumbered anyone know how I stand. BTW - its a small amount < £14,000

Barry D.

 

[Guest]

Have signed contract of sale / statement that no Lien or other is due on the craft ..... made and signed by seller ....

SSR is no guarantee for any of this.

Part 1 shows the 64ths etc. and is better, but unnecessary.

I've bought a few boats over the years and never found I lose one because of others financial state ! I always make a Bill of Sale and include the statement about credits / loans etc.