Although registration of your vessel is highly recommended, there is no legal requirement for boat owners to register their vessel in the Register of British Shipping, so if the boat you are buying is not registered, it complicates the title review. You can buy a boat for private use or operate it commercially. Whether you are buying directly from boat builders or through a yacht broker/agent or may be ordering the construction of a new yacht or stick boat, we always recommend that you consult YachtingLawyers before authorizing the sale. There are often complex legal requirements and contractual issues related to sales and advice before you commit to contributing to what your investment is protected. – prove the title to illustrate that you own the boat and that you have the right to sell it. If you are the first owner, this includes the builder certificate. If this is not the case, it should contain all previous sales invoices and, ideally, Part 1 of the registration. – Ship Safety Certificate (if applicable) – proof of compliance with the RCD – proof that the vessel is subject to VAT or exempt from VAT – A portfolio of individual parts showing all costs and repairs, upgrades and repairs related to boats. – A portfolio of service information for all relevant on-board machines – Manuals for all on-board equipment The unavailability of a portfolio of watertight documents can delay the progress of a boat sale, deprive the buyer of confidence and undermine what looked like an agreement reached. So before you get to the unification phase, you need to make sure that every relevant document is present and correct.
You can then show potential buyers an optimized collection of relevant documents that can be easily delivered once the sale is complete. Although there are probably no two sales of identical boats, you should try to include the following aspects: there are certain aspects of selling and buying super-yachts that are particularly different from similar transactions on merchant ships. For more information, see the exercise notice: Superyacht financing – sale and purchase of superyachts. For quality loans, some banks and large financiers take out a mortgage on the boat. This is a secured loan and the lender will often insist that the vessel be listed in Part 1 of the British Ship Registry. By registering the ship, the lender not only uses the ship as collateral against the debt, but can also declare its interest against the ship. We strongly recommend that you take legal advice before taking out a loan or mortgage on a boat. Contact YachtingLawyers to discuss your marine financial requirements with us and we can guide you through the process. We offer introductions to our trusted marine financial network, and we will manage the relationship to help you find a financing agreement that`s right for you. Buy what? – Choosing the right ship to buy depends largely on your budget, lifestyle and intended use. You can be an experienced sailor, a complete beginner in the world of sailing and looking for a boat either for private use or for commercial exploitation. Whether you`re starting from scratch or maybe a boat purchase is something you`ve been considering for some time, use the YachtingLawyers Buying a Boat Guide as a useful starting point to guide you through the process.