Outstanding debts

[whisper]

Can anyone tell me how one finds out whether a second hand boat one might buy has any outstanding debts on it. I think this can be done via the SSR but what about if the boat is not registered ?
Thanks.

<hr width=100% size=1><P ID="edit"><FONT SIZE=-1>Edited by whisper on 19/11/2003 23:31 (server time).</FONT></P>

 

[BrendanS]

SSR does nothing to show liabilities and as far as I can see is simply a bit of paper to show to French authorities and keep them happy

for full info on the different types of UK registration <A target="_blank" HREF=http://www.mcga.gov.uk/c4mca/mcga-the_mca/mcga-uk_registration/mcga-all_you_need_to_know.htm>see here</A>

there is no authoritative source of debts oustanding on UK boats as far as I know.

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[oldgit]

Always good idea to ask around wherever boat is moored.Anybody chasing money for repairs will have contacted boatyard.Has boat just arrived if so where did it come from,most owners happy to talk at length on strengths/failings of previous mooring location.
If opportunity arose I always returned sans broker/owner and tried to chat to adjacent boat owners for any scandal or gossip about proposed purchase.

<hr width=100% size=1>If it aint broke fix it till it is.

 

[byron]

Look carefully at the Seller. If they are wearing black trousers a sideways striped T Shirt, a mask and carrying a bag marked 'SWAG' then be suspicious.

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[DavidJ]

I'm a little out of my depth here but I'm sure others will contribute if I've made an error.
If there is a marine mortgage debt then the lenders would have retained some paperwork such as original bill of sale (showing VAT paid from new) if it is a bank debt then no liability on you because the boat will not have been set up as security.

So, if you have all the original (1st owner) paperwork my guess is that you are in the clear.
Alternatively there are only a few major marine mortgage firms, you could just phone around (although I've never done it)

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[itsonlymoney]

Thanks for the laugh Byron.

Was very amused at thought of text book crim.

Ian

<hr width=100% size=1>I'd rather have a bad day boatin, than a good day workin ! ! !

 

[jhr]

Other signs of a criminal

Reefer jacket, stripy shirt, deck shoes and business card bearing the words "Yacht Broker"

Allegedly.

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[Observer]

1. Ask the seller if he took out a loan or other type of finance to purchase the boat.
2. Look at the original invoice from the dealer. If finance was used there may be a statement on it.
3. Contact the original dealer and ask if they have anything on file to indicate whether finance was provided.
4. Contact the major finance houses (marine finance office) and ask if they have any interest in the boat (you'll need make/model, name, HIN). Also ask if/how they register an interest in a unregistered boat. You may find they use HPI.
5. Do a search on HPI <A target="_blank" HREF=http://www.hpicheck.com>http://www.hpicheck.com</A>




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[steverow]

When I bought my boat I used a reputable broker as an agent...a sort of broker in reverse.
I'm glad I did because it threw up an anomaly in the chain of title, which could have meant that I could have had a company claiming ownership of the vessel
even though I had legally bought it!!!. This was fixed with some additional paperwork.

At the same time a search was done for "encumbrances" and a check made with the dwindling band of Marine Mortgage lenders as well as an HP check..although this was a less likely source of finance.

It cost me a few hundred quid..much less than the brokerage fee on a sale and the fee was agreed in advance.
I then completed the standard RYA sale agreements for a private sale with much more confidence.

Hope this helps.

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[whisper]

This is just the sort of helpful comment that I for one have sorely missed whilst you were away on your "hols". So nice to see that you've not lost your (in)famous sense of the whimsical. (wink)

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