Buying a s/h stock boat - mortgage question

If it's part 1 registered then it will be on the certificate. If not, most mortgages are with only a few companies, so phoning Lombard, Bank of Scotland, Barclays, and HSBC will cover most probabilities.
 
I'm not; but after the Peters thing when as I recall they had mortgaged stock boats, I just wanted to see if there was some simple check I could do to find out if there was a charge over the boat. Thanks anyway though.

Cheers
Jimmy
 
To cover the other possibilities from Nick's posting, are there some weasel words you can put in the contract to make the dealer responsible for any charge on the boat. I'm not qualified to suggest what words to use but maybe some on here are.
 
So I guess the next question is ... how do you find out if it is part 1 registered? There are no physical signs (ie no registration number fixed to the boat, for example). I have the hull number - is there somewhere online I can check to see if the boat has an entry?

Cheers
Jimmy
 
It wont be part 1 regstered and it will have a mortgage, most likely. Dealers do not part 1 reg their new stock boats. Pointless and too expensive

They invariably use finacing from Lombard, GE or some such

The way to find out is just ask them. My new boat (a stock purchase) did, and we agreed a procedure whereby the loan was cleared by the dealer the day before I paid for it (though I paid the deposit while it was still morgaged - you gotta take some risk to get a deal done)

The other way to find out is Companies House. A UK company is by law required to file a notice (form 395) of mortgage, specifiying which of its assets are mortgaged. Then another form (403 I think) when the loan has been discharged. Of course it may be hard to get to the bottom of things, cos many dealers file zillions of such forms per year

If you give me full detials I'll look online at Co House for you. Nedd name of company, how long has it been in stock, and description or HIN. But as I say the most likely answer is yes. Very few dealers have enough equity to fund several £million in stock boats, and you wouldn't expect them to
 
It wouldn't have a part 1 entry till after it is carved and marked, so it should have a name and "official number" somewhere With those detials you can get a copy of the registration from Cardiff (not online, I think)

It's possible to be on the register and not be carved and marked, but that would mean someone has behaved badly by signing the "this boat is carved and marked" declaration untruthfully

As I say, co house is the best route to get to bottom of this. Send me name of dealer and HIN and other detials
 
All good info, but Jimmy said it's a s/h boat, so could be part 1 reg.

Jimmy, did you ask them yet, i'm not the biggest fan of boat brokers, but I think most would just tell you.
 
Do Hpi equifax not have a register for boats as they do cars?

I'd say your best bet is to pop a little bit of the boat on finance. You can be assured the finance house won't be releasing funds on a vessel they are not entirely happy with.

Henry
 
Get a lawyor to draft an agreement whereby the boat is sold to you free of all liens. I once bought an ex repo boat and was very glad I did this as the previous owner had used it as security for various unregistered loans. You could consult a marine lagal co like Ward & McKenzie who should be able to help
 
You want a declaration of liens, notarised and apostilled detailing all the vessels information HIN, engines, etc, unlikely any dealer is going to enter into that without full disclosure, that's big time fraud.
 
[ QUOTE ]
declaration of liens, notarised and apostilled

[/ QUOTE ]

Ah but, let me overlay some more info Trev.

It's a great boat, uber popular model, rightly so, great looking, great driving boat, keen price, dealer (well known, good reputation) will get loads of customers for it so if Jimmy Le Constructeur rocks up and asks for apostille-ery he'll get a "Dya know what m8, that's just too hard. I'll sell it to the next chap in the queue" from the dealer. If the boat is being sold fraudulently, that's great. If not, Jimmy has missed out on a super boat. As you well know, it's worth taking some risk sometimes, adds a certain frisson to the proceedings!

So, WNS? /forums/images/graemlins/grin.gif /forums/images/graemlins/grin.gif
 
[ QUOTE ]
he'll get a "Dya know what m8, that's just too hard. I'll sell it to the next chap in the queue" from the dealer.

[/ QUOTE ]And we blamed TJ for his unrealistic wns scenarios!
These days, he'll rather get a "Your wish is my command Sir, what else can I do for you?" from the dealer... /forums/images/graemlins/wink.gif
 
Ours was a used stock boat. We got a good deal and the boat was fully polished,valeted and serviced. We asked up front if it was mortgaged and got a letter confirming that it wasnt. This was enough for us to leave our deposit and complete the sale. Our mortgage company then went through the paper work and confirmed that there were no outstanding monies owed on the boat.

I would definately buy a stock used boat again given the service we got this time around.
 
Mmm, I'm not sure there are queues of loads of customers waiting to buy boats these days, more like queues of loads of boats waiting for customers so if the dealer does not bend over backwards to satisfy JtB's every last whim, then he should walk away IMHO. The only frisson JtB needs when he takes delivery of his new boat is when his SWMBO/mistress suggests they christen it appropriately /forums/images/graemlins/smile.gif
 
As a buyer, what I'm finding is that well-priced popular boats are selling very quickly (that was also my experience as a seller a couple of months ago), but anything that is ambitiously priced, no matter how popular or well-specced the boat is, is just sticking. Anything rough is sticking unless it is a completely giveaway.

So if you see a good spec popular boat that is well priced, then don't hang around because there are definitely buyers for those. For example, one of the boats on my shortlist was the Superhawk 40. A 2005 stock boat came up, was well priced at an asking of £160k; a quick call to broker established that it was available at £130k, and with a bit more discussion we got to £125k. That is a great price for a 2005, well-specced ss40 with a warranty et al. Unsurprisingly, this boat went under offer very quickly.

Cheers
Jimmy
 
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