Buying a second hand rib - Page 2

kk@decor82.fsne · 27 May 2006, 21:46

To Richard B - Seller seems ok - I have arranged for derv engineer to carry out survey on engine - leg - electrics this Tuesday ! Sea trial following Monday and second indepentant engineer on the trial will double check ! I will then check every single piece of paper work that comes with rib ! Nearer the time will let you know the rib + spec !

Searider · 30 May 2006, 10:40

Consider paying a broker to go through the paperwork.

Usually a broker acts for the vendor and advertises the boat etc. No reason why you shouldn't employ one to act on your behalf to check the paperwork.

Unbroken trail of paperwork from builder through all owners to the vendor is what you're looking for. Proof that VAT has been paid also needed.

Generally loans of less than £15K / £25K are not secured on boats by the major marine finance houses - they are in effect personal loans.

CJL · 30 May 2006, 11:39

I always try to get the registration of the vehicle, the address of the seller from a landline phone number and a brief description of the seller.

At least you have taken reasonable steps to cover yourself.

Chris

Hightower · 30 May 2006, 12:23

Say for instance you bought a RIB with outstanding finance, how would the courts or finance company know where you lived? Trace bank account (assuming bought by cheque, take a note of your car reg number when you picked up the boat? The Boat isn't registered like a car.

Shaggy · 30 May 2006, 12:51

Have a look here too jut in case it is a wee bit hot:

http://www.rib.net/forum/forumdisplay.php?f=17

Shaggy

CJL · 30 May 2006, 12:57

Andy,

I realise what your saying but it gives you a way to trace the vendor. You would be surprised how little bits of information can turn up people.

In my work we regularly come up against false plates, hire cars and the like to throw spanners in the works but every little bit turns up information and you get a bigger picture after a while.

I bought a humber a while back in Scotland and the owner wasn't prepared to bring the boat over to the mainland until the cash was in his account. I was instantly wary about this but he sent me photos of the particular items I wanted each night after I asked.

He was using a home email account to sell the boat and I got his full name. Quick call to directory enquiries and a national search later I had his home address and phone number. I then googled his name and he was the owner of a engineering company too close to the home address to be a co-incidence. I rang the company, asked to speak to him and carried on our conversation as if it wasn't usual ringing him at work.

Home address
Home phone number
Home email
Work address
Work phone number
Work email

All from a little bit of digging.

Once I got that sussed I wired him £8.5K and met him in Inverness to collect. Mind you I was still worrying the boat would be alright!

Chris

Hightower · 30 May 2006, 13:22

Thanks Chris, all very interesting this!

I did however mean that if the buyer of the RIB kept his Identity stum.

For Example:

I could phone from a Phone Box (If there's any still around). Arrange a meet/sea trial.

Pay for the boat in Cash and drive it away with false plates on a car.

How would anyone know who bought it?

I must admit that I wouldn't want to buy a stolen boat or one with outstanding finance or even one that looked a tiny bit dodgy and would do as many checks as possible, but it would help to safegaurd my investment from a private buyer.....Wouldn't it?

CJL · 30 May 2006, 13:26

Well you'd be covered then!

Except if the bank listed it as stolen or something.

Chris

MikeCC · 30 May 2006, 18:36

Have you established how the vendor bought the boat?

If it was with a specific loan, then he should be able to show you a letter for redemption / full payment of the loan. Might not show the serial number of the boat though and if he's gone through a number of boats it could relate to any of them.

If he's going to be paying a loan off with what you give him, then use a banker's draft / transfer direct to the loan company. Then you know it's paid off.

As Searider says though, often not secured against the boat like vehicle HP.

You could also do some searching to see if he's sold/advertised any other boats in recent months.

How about asking if he's a RIBnet member - I'm sure we're all honest as the day is long (midsummer)!

antiqueboy · 30 May 2006, 19:44

i dont know but as an ex car salesman, i would imagine that when the boat was sold new, finance could have been supplied by the company, and so the boat would be security,
boat mortgages are normaly on boats over 25k, the word mortgages suggests that these are secured against the boat,
ordinary personal loans of lower values would not be secred,
if any one knows different let us all know

Poly · 30 May 2006, 21:28

i may be wrong but if there is a "boat mortgage" or other loan secured against the boat it will have to have been properly registerred with the MCGA and have "Part 1 registration" rather than just a Small Ships Registration (SSR). See: http://www.mcga.gov.uk/c4mca/mcga-th...gistration.htm

Andy Gee · 31 May 2006, 07:37

Quote:

Originally Posted by Polwart

i may be wrong but if there is a "boat mortgage" or other loan secured against the boat it will have to have been properly registerred with the MCGA and have "Part 1 registration" rather than just a Small Ships Registration (SSR). See: http://www.mcga.gov.uk/c4mca/mcga-th...gistration.htm

You only a part 1 if the mortgage is secured on the vessel and usually over £25k, under £25k a normal personal loan is usually taken that requires no Part 1 or SSR.
HTH
Andy