Sandgrounder
Well-Known Member
Can't remember and the search engines clearly do not understand the question. Any advice?
Contract of sale - how many shares?
- Thread starter Sandgrounder
- Start date
Poecheng
Well-Known Member
64
Robin
Well-Known Member
Part 1 registry used to be 64 shares total to divide between registered owners.
Sandgrounder
Well-Known Member
Thankyou both. Old age and decrepitude are setting in!
jbweston
Well-Known Member
But unregistered boats or ones on the SSR aren't divided into 64 shares. With them you are dealing wih one object, and if you want joint ownership you'll need to document it and the size of the share (eg each one half, each one quarter) rather than '32 shares' or '16 shares'. Or I suppose you could do unequal shares if for example you have paid different amounts towards the purchase price, but at that point you might think it's getting a little complicated.
If it's a single owner selling to a single buyer and the boat is on SSR or unregistered, you'd just describe what is being sold as the 'the yacht Saucy Sue SSR number whatever' and not as '64 shares in the yacht saucy Sue etc.' Just like selling a car, horse or Rembrandt.
If it's a single owner selling to a single buyer and the boat is on SSR or unregistered, you'd just describe what is being sold as the 'the yacht Saucy Sue SSR number whatever' and not as '64 shares in the yacht saucy Sue etc.' Just like selling a car, horse or Rembrandt.
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grumpy_o_g
Well-Known Member
Just a point, but an important one. The size of share has no relationship to the responsibilities or the usage obtained from the boat if you are in shared ownership. You should make sure that's defined and understood as well. In practice you would probably get a court to take into account the size of the share if one person was either hogging or not maintaining at all but you really don't want it to get that far. Upgrades (one want's a 12" plotter and one wants an 8" or even none at all), even things like an increase in insurance premiums after one party has dinged the boat all should be considered.
jwilson
Well-Known Member
You can have sole ownership, which can also be described as 64 shares out of 64 (and you need to do so for Part I). Or joint ownership, which can be for (usually) two or more people in equal shares. Whenever possible for joint ownership I prefer to see separate bills of sale specifying (for instance) 32/64ths ownership, as this gives each of the owners separate proof of their purchase.
The best bill of sale form to use is https://www.gov.uk/government/publications/bill-of-sale-msf-4705 - this is the one normally acceptable to the MCA for full Part I registration but can also be used for SSR (Part III) registered boats or totally unregistered ones. The RYA also has a different simpler format bill of sale for private sales of unregistered or SSR boats to one or two purchasers.
The best bill of sale form to use is https://www.gov.uk/government/publications/bill-of-sale-msf-4705 - this is the one normally acceptable to the MCA for full Part I registration but can also be used for SSR (Part III) registered boats or totally unregistered ones. The RYA also has a different simpler format bill of sale for private sales of unregistered or SSR boats to one or two purchasers.
fisherman
Well-Known Member
You could have 64/64 shares, jointly held. One of my boats in partnership was, anyway.
GrahamM376
Well-Known Member
Our SSR lists both our names as registered owners so why any need to document it when the shares are equal?
Poecheng
Well-Known Member
Because otherwise the equal shareholding is not recorded - it could be anything and a matter of dispute later.
