How do I check for encumbrances when buying privately ?

[DAKA]

Im about to buy a used boat privately, any one know how I can check for debt please?

Cars can be HPI, any simular scheme for boats ?

 

[Deleted User YDKXO]

With great difficulty. If the boat is Part 1 registered, then any mortgage should be registered but any other loans secured on the boat will not be shown. You could try phoning the mortgage lenders and explaining that you are about to buy this boat and do they have any outstanding loans on the boat but they may refuse to divulge the information citing Data Protection
Probably the best thing you can do is to get a solicitor to draw up a legal document stating that the boat is free of all encumbrances/liens etc and get the seller to sign it before you part with any money. May be worth speaking to a legal firm specialising in marine matters such as Ward & McKenzie http://www.ward-mckenzie.co.uk/

 

[mirage]

If you are a memnber of the RYA they have a page of advise in the members section Here

 

[White_Lady]

Hi, having bought a bought that was later to be found owing £14,000 in unpaid bills to repairers,might i can suggest that you make sure the receipt is an officialy drafted document ( The RYA web site has one methinks ) ,that states the boat to be free of outstanding debt.
That was the phrase that saved me when we wen't legal on the pervious owner.
It would do no harm to ask around the marina about the boat and check with the local service people about it's status.

Good luck
P.S. I know it isn't spelt that way!

Phil

 

[DAKA]

Thanks.
If the RYA agreement is used and states no debt, and there later is found to be debt , will I be free from being pursued by the previous creditors ?
/forums/images/graemlins/confused.gif

( I think W&M solicitors are on holiday /forums/images/graemlins/frown.gif)

 

[Rob H 37]

Any owner should be able to tell you at the very least the recent credit history of the boat, so you should be able to approach those companies directly to validate.

As was recommended earlier if you want to spend some money you could hire a solicitor or like - The one thing I'd emphasise is ensure that they are an affiliated solicitor or belong to a governing body such as the BMF so you have some comeback against there actions - VERY IMPORTANT! Protect yourself.

The BMF can provide a list of those who are members.

Are you a member of the RYA - there legal advice is excellent!

Not heard good things about W&M!

 

[DAKA]

Re:\" Simplistic Rantings\"

I resigned from the RYA last year, long story but partly over their attitude to drink drive/sail which ended in some predictable comments from Rod Carr regarding the editorial skills of MBM.

 

[White_Lady]

If you have an official signed invoice stating free from all debt,it covers you in so much as when you take them to court ( as you may be forced to do ) you have a clear and cut case.

Phil

 

[MidlandsOnSea]

As others have said, you need to make sure the seller indemnifies you for any claims that are asserted against the boat. BUT, the best legal document in the world will be worthless against someone who has no money and is not worth sueing...in fact, the very sort of person who is likely to sell you a boat with such encumbrances in the first place. So, if in doubt, don't buy.

 

[SailorSam]

I wrote to the 4 major marine finance houses with the boats details and got letters back from all stating they had no financial interest in the boat which at least means no major debt

 

[DAKA]

Thats a good idea, thanks.
Any chance you still have address/Tel no. you could post or PM.