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Boat buying

I have recently seen a boat that I would like to buy but it is from a private seller. He has in formed me that he has a mortgage on it. I was wondering if you know the best way to proceed if i need to get a solicitor involved or best advice. I understand the normal buying process from a broker but how do i really check if he is the owner.
Regards
Peter

Asked by: Peter Rutter  | 6.22am, Monday 12 June


WW says:

In spite of the fact that some boats cost nearly as much as a small house, they do not have title deeds to prove ownership. All you can do is ask for as much documentary evidence as the seller can provide. A receipt or bill of sale for the boat is a good start but also licences, maintenance bills and anything else that links the seller to the boat over as long a period as possible. You should also try to establish whether the boat is solely owned by the seller or if it is shared with someone else. Armed with this evidence, you will have to decide whether you think that it adds up to a credible package. A solicitor may be able to help but it would have to be one with a specialised knowledge of the inland boating market and I suspect that these may not be easy to find. If you have any doubts, it is better to walk away than risk a large sum of money and a lot of heartache later on.

Graham Booth  | 10.24AM, Monday 12 June

If the loan is secured to the boat like a car loan; you would need to be sure that it is paid off otherwise you could become laible for the repayments.

Rupert Smedley  | 2.56PM, Monday 12 June

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