Transfer of Boat Ownership

[Shiver Metimbers]

I would like transfer the ownership of my boat to my Son, how can this be done legally?

 

[SlimRick]

Sell it to him for £1 and fill out one of these:

http://www.rya.org.uk/sitecollectio.../Members Advice/Bill of Sale/BILL OF SALE.pdf

 

[Shiver Metimbers]

Thanks Slim.

 

[yoda]

When I bought my last boat from my dad I had trouble explaining why the insured value was much greater than the price paid. Worth checking with the insurers that they will accept the previous insured value. In the end I also persuaded them to transfer no-claims discount!

Yoda

 

[Ross D]

When we bought our first boat, the broker listed the price paid as "£1 and other considerations" which got around the issue of how much was paid for it.

 

[Shiver Metimbers]

Yes Ross, that's what is on my Bill of Sale, but the proper price on a separate receipt.

 

[Cardo]

When we bought our first boat, the broker listed the price paid as "£1 and other considerations" which got around the issue of how much was paid for it.

We had the same. They then forgot to supply us with an invoice showing just how much we'd paid! A quick email and an invoice turned up in the post a couple days later.

 

[theoldsalt]

Why tell an insurance company what was paid for the vessel (same with car). I never have. That information should be the business of solely the vendor and the buyer (plus the sales broker).

It is it's current market value or the insured value that is relavent to the insurance company when calculating the premium.

 

[Cardo]

Why tell an insurance company what was paid for the vessel (same with car). I never have. That information should be the business of solely the vendor and the buyer (plus the sales broker).

It is it's current market value or the insured value that is relavent to the insurance company when calculating the premium.

Our insurance never asked what we paid. They were happy with what we said together with the survey.

 

[SlimRick]

My insurance (GJW) would only accept the valuation as provided by the surveyor.

 

[lustyd]

be wary of tax as there is an inheritance tax issue if the boat is sufficiently valuable regardless of whethet you "charge" a pound or 200k.
Since a boat is valued with 64ths, you can give some of these each year and just produce a bill of sale each time. No money needs change hands, not even a pound, just need to fill in the form. The RYA doc is not a legal requirement, neither is an MCA doc unless you're P1 registered - there's no official registration or proof of ownership so in theory if inheritance tax is an issue, just say you have been giving ownership for a number of years.