Checking for outstanding mortgage on boat

[tideway]

I am in the process of purchasing a boat and want to ensure that I get good title. I have contacted Barclays, Lombard and BOS asking if they have advanced any finance on this boat. They all replied promptly saying that they had no loans outstanding (albeit hedged around with conditions!).
Are there any other Finance Houses that I should contact?
Advice much appreciated.

 

[snowleopard]

If it's Part 1 registered it's easy. Is it?

 

[sailorman]

this is a brokers responsibility

 

[ParaHandy]

there's a decent booklet written by McKeig, I think, published by RYA and called something like "buying a boat". you might find it useful if you're buying privately ...

 

[AngusMcDoon]

Get the seller to give you permission (in writing) to ask the seller's insurance company. They will let you know as long as they have permission from the seller. And they will know, the mortgage company (if there is a mortgage) will insist that the insurance company mark up the policy as having an outstanding mortgage on it. This is so that if there is a total loss claim, the money goes to the mortgage company, and not the owner (who doesn't really own the boat).

This is a method recommended in the RYA book. It's another check you can do.

 

[KevB]

[ QUOTE ]
If it's Part 1 registered it's easy. Is it?

[/ QUOTE ]

If you mean if it's part one registered it has a mortgage outstanding then that is not true.

We bought our boat using a marine martgage so had to have it part one registered. Have now paid the mortgage off but the boat is still part one registered.

If you meant something else that forget the above.. /forums/images/graemlins/laugh.gif

 

[KREW2]

Hi
I assume your buying privately, H P I are a well known company who check used cars for outstanding finance, they now have a marine department and I have used this successfully.
Keith

 

[tideway]

Thanks for all of the advice I will certainly take up a couple of the suggestions. I should have mentioned that it is a private sale and the boat is not part 1 registered (just part 3).