Part 1 or Part 3 registration

kunyang

kunyang

Well-Known Member
Joined
14 Feb 2004
Messages
373
Location
Med
Visit site
Here I am again, sending off my Part 1 registration renewal, now an extra £37 to include for the new engine. It would be a lot easier if she were Part 3 SSR registered. She is only 28ft after all.

What am I getting for my money, or should I consider switching next time?

Dave
 
For a UK based boat owned by a UK citizen I was not aware of any advantage whatsoever.

I shall read the answers with interest. :D
 
A1Sailor said:
Part 1 is proof of ownership. Part 3 isn't.
Part 1 useful if you are selling - makes due dilligence by the purchaser easier.
Click to expand...

Not quite true - it is registration of title, not ownership.

Little advantage in a low value boat except that it gives a good record of previous ownership and does make the mechanics of shared ownership a bit easier. The mall additional cost (£5 a year difference) it is probably sensible to keep up Part1.
 
Tranona said:
Not quite true - it is registration of title, not ownership.

Little advantage in a low value boat except that it gives a good record of previous ownership and does make the mechanics of shared ownership a bit easier. The mall additional cost (£5 a year difference) it is probably sensible to keep up Part1.
Click to expand...

OK. What is the difference between Title and Ownership?
 
A1Sailor said:
OK. What is the difference between Title and Ownership?
Click to expand...

There could be a beneficial owner who may not recorded.

Part 3 proves nothing.

Part 1 is the best and nearest we have to proving ownership.

JFM from the MOBO forum is the best bet for a definition of the terms if someone wants to go and get him.
 
>Part 1 is proof of ownership. Part 3 isn't. Part 1 useful if you are selling - makes due dilligence by the purchaser easier.

>>Not quite true - it is registration of title, not ownership

The Part 1 cerficate names the owner(s) of the 64 shares. If you call the Registry they can tell you whether there is a mortgage on the boat, all of which does help when selling the boat.
 
KellysEye said:
>Part 1 is proof of ownership. Part 3 isn't. Part 1 useful if you are selling - makes due dilligence by the purchaser easier.

>>Not quite true - it is registration of title, not ownership

The Part 1 cerficate names the owner(s) of the 64 shares. If you call the Registry they can tell you whether there is a mortgage on the boat, all of which does help when selling the boat.
Click to expand...

If correct, then why does the MCA want a bill of sale before changing title on part 1 registry?

I had to produce bill of sale with full name and address before part 1 certificate was issued with me as the new owner.
 
A1Sailor said:
OK. What is the difference between Title and Ownership?
Click to expand...

Suggest you look up the definitions. Often the two are synonomous, but title is the legal right and can be different from beneficial ownership.

Simple example. If a boat is owned by a syndicate, the legal title could be with one person or a company for convenience, and ownership of the shares in the boat could be covered by a separate agreement. Many ships are registered to corporate bodies, but the ownership is with the shareholders.

So a search will tell you who has title, and if there are any charges against the boat, but not necessarily who owns it.

There is a good everyday explanation of the different forms of ownership in the RYA material on syndicates on their website.
 
epervier said:
If correct, then why does the MCA want a bill of sale before changing title on part 1 registry?

I had to produce bill of sale with full name and address before part 1 certificate was issued with me as the new owner.
Click to expand...

How else would they know that they have trustworthy information about
change of ownership. Bill of Sale is the mechanism for this. If mulltiple owners are involved each owning a number of shares then there may be a number of Bills of Sale.
 
Bilgediver said:
How else would they know that they have trustworthy information about
change of ownership. Bill of Sale is the mechanism for this. If mulltiple owners are involved each owning a number of shares then there may be a number of Bills of Sale.
Click to expand...

The point I was trying to make was, with a bill of sale required by MCA, surely it then follow it proves ownership of vessel, as an earlier poster had wrote;-

"Not quite true - it is registration of title, not ownership"

If I have a bill of sale with 64/64ths in my name it proves ownership.
 
epervier said:
The point I was trying to make was, with a bill of sale required by MCA, surely it then follow it proves ownership of vessel, as an earlier poster had wrote;-

"Not quite true - it is registration of title, not ownership"

If I have a bill of sale with 64/64ths in my name it proves ownership.
Click to expand...

No, it proves title. You can also show that you are also the beneficial owner, but as explained above the two are not necessarily the same. You could, for example, have an agreement with your wife that she actually owns the boat.

For the vast majority of private people the two are the same in respect of pleasure boats, but not necessarily if the title is registered to a corporate body or a syndicate.

I am part owner of two boats. One is registered and there are two names on the register - we both independently own 32/64. The other is not registered on Part1 but could be, and is currently jointly owned by myself and my wife. Both names are on the BofS, but it is insured in my name with her interest shown. If inheritance tax were an issue we would have a written agreement that we own it in common (equal shares) rather than jointly. I could then leave my share on my death to somebody else. However, as it is currently, my share would pass to her, even if I wished it to pass to somebody else.
 
You must log in or register to reply here.

Share this page

Top