Marine mortgaged boat

[russ]

My search has now presented another boat I'm interested in. I have been told that the present owner has a marine mortgage on the boat.
What are the channels I need to take to ensure I'm not liable for the loan when I take ownership?

 

[rubberduck]

Buy it with a small marine mortgage, let them do the work, then pay off early.

 

[Switch]

Arrange to pay the balance of mortgage direct to the mortgage company. The rest goes direct to the seller. This is quite usual.

 

[russ]

Arrange to pay the balance of mortgage direct to the mortgage company. The rest goes direct to the seller. This is quite usual.

Ok.
I neglected to say I’m buying through a dealer.
Not sure if this is actually down to me as the boat is being taken as P/x to the dealer then sold to me. Is it the dealers responsibility or mine?

 

[Seastoke]

Sur,ely you have discussed it with the dealer ,you should also get a warranty with it ,

 

[russ]

Sur,ely you have discussed it with the dealer ,you should also get a warranty with it ,[/QUOTE
Only found out when I asked for bill of sale etc. He said the owners loan company has this and will get copies for me before looking at the boat.

 

[Bigplumbs]

Sur,ely you have discussed it with the dealer ,you should also get a warranty with it ,[/QUOTE
Only found out when I asked for bill of sale etc. He said the owners loan company has this and will get copies for me before looking at the boat.

You seem to find boats where the broker doesn't seem to know how to be a Broker

 

[russ]

You seem to find boats where the broker doesn't seem to know how to be a Broker

This dealer has been highly recommended and so it’s probably my ignorance in boat purchasing and failing to ask all the correct questions.

 

[Bigplumbs]

This dealer has been highly recommended and so it’s probably my ignorance in boat purchasing and failing to ask all the correct questions.

Ok but they should advise you of all this it is kind of their job

 

[Greg2]

Ok but they should advise you of all this it is kind of their job

Doesn’t sound like the Broker has done anything wrong to me - when asked about bills of sale the Broker explained the situation, which is what I would expect.

Russ - if the boat has a mortgage it will usually be Part I registered - worth keeping that up even if you don’t take a mortgage as it gives a clear demonstration of title/ownership. In your circumstances I would expect the Broker to take care of things and to ensure
that the mortgage is paid off as they will effectively be taking ownership before selling on to you. It is in their interests to get it right but worth keeping abreast of things yourself though to ensure it is all done to your satisfaction. Papers you will want are Builders Certificate, all Bills of Sale and proof of VAT paid (usually the original invoice at the point of first sale) as well as the Part I registration papers (assuming that it is registered). Confirmation of the mortgage having been paid off would also be good.

 

[oldgit]

Arrange to pay the balance of mortgage direct to the mortgage company. The rest goes direct to the seller. This is quite usual.

+1

 

[Bigplumbs]

Doesn’t sound like the Broker has done anything wrong to me - when asked about bills of sale the Broker explained the situation, which is what I would expect.

Russ - if the boat has a mortgage it will usually be Part I registered - worth keeping that up even if you don’t take a mortgage as it gives a clear demonstration of title/ownership. In your circumstances I would expect the Broker to take care of things and to ensure
that the mortgage is paid off as they will effectively be taking ownership before selling on to you. It is in their interests to get it right but worth keeping abreast of things yourself though to ensure it is all done to your satisfaction. Papers you will want are Builders Certificate, all Bills of Sale and proof of VAT paid (usually the original invoice at the point of first sale) as well as the Part I registration papers (assuming that it is registered). Confirmation of the mortgage having been paid off would also be good.

What does Part 1 Registered mean ?

 

[Momac]

What does Part 1 Registered mean ?

I am surprised you have never heard of the small ships register
https://mcanet.mcga.gov.uk/ssr/ssr/

 

[Bigplumbs]

I am surprised you have never heard of the small ships register
https://mcanet.mcga.gov.uk/ssr/ssr/

Thanks I have but did not know it was in that context

 

[ari]

You seem to find boats where the broker doesn't seem to know how to be a Broker

In what way does the dealer 'doesn't seem to know how to be a broker?'

 

[Whitelighter]

I am surprised you have never heard of the small ships register
https://mcanet.mcga.gov.uk/ssr/ssr/

Part 1 is different to the SSR, that is part 3

 

[jrudge]

This dealer has been highly recommended and so it’s probably my ignorance in boat purchasing and failing to ask all the correct questions.

I would it’s the brokers job to guide you through it !

Part 1 confers title in the boat and allows a marine mortgage to be registered. To get in on the register you have to prove title.

Ssr is simply a scheme to allow people to get a price of paper to satisfy overseas authorities who expect a boat to have papers As the U.K. does not have compulsory registration.

Part 1 boats are also measured by a tonnage survey and conveniently the numbers in the official piece of paper are shorter than the boats actual length. ...