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Old 05 August 2009, 05:38   #11
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Country: UK - Scotland
Boat name: imposter
Make: FunYak
Length: 3m +
Engine: 2 stroke YAM 20 HP
MMSI: 235089819
Join Date: Sep 2005
Posts: 10,227
Originally Posted by Observer View Post
Not quite right. If a lender requires security on a boat loan he will usually require a marine mortgage to be granted by the borrower. This can be (does not have to be) registered on Part I of the UK Shipping Register so anyone who buys the boat subsequently is deemed to have notice of the security and takes title subject to it. A lender who requires a marine mortgage will almost certainly also require Part ! registration so he can register the mortgage and protect his security.

A marine mortgage cannot be registered on the Small Ships Register. However, it is still possible for a lender (or any other creditor) to have security over a SSR registered boat. It is also possible (but unlikely) for a boat to be financed by hire purchase, where the lender retains title until all payments have been made. HP agreements are not used by the major marine lenders so this is not likely to be an issue.

In the OP's case, I agree that the receipts are persuasive circumstantial evidence that the seller does own the boat concerned. If everything else seems okay, I would regard this paperwork as adequate (without obligation obviously) for a relatively low value purchase (I'm guessing this is <£20k).
Thanks for filling in the detail. Never applied to me - as no boat I have bought is expensive enough for a mortgage...
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Old 05 August 2009, 08:23   #12
Country: UK - Scotland
Boat name: Wildheart
Make: Humber/Delta Seasafe
Length: 5m +
Engine: Merc 60 Clamshell
MMSI: 235068449
Join Date: Apr 2007
Posts: 4,614
Originally Posted by Steve.N View Post
1. Am I correct in assuming that all engines have a ID plate - what about engine numbers like a car stamped on the block?
Mercs (certainly the older ones) had a stamped disc pressed into the block that should match the sticker on the clamp. problem is they have an annoying habbit of falling out, or if the block needs replaced the dealer should put a new disc in. As for the stickers on the clamp.... well.... I can tell it's a ".....ury" (the top left corner is all that is still attatched!)

Originally Posted by Polwart View Post
Possibly your biggest headache is that the insurance company will probably want a serial number for it...
I'm 3rd party only - they only want to know the HP, as they don't give a monkeys about the value as it's not their problem if it gets nicked or sunk.

I have to echo Chewy's sentiments, but not knowing the price of the boat you were looking at, I may be well off the mark. (I am probably at the "museum" end of the rib spectrum, and I realise my view is going to be a lot different to the owner of a 6 month old 200Hp Verado!)

Thing is a >10YO engine starts to become a different kettle of fish - I have a roughly 30YO hull with an (I think) 25YO engine hanging on it. I'm insured 3rd Party only simply because after 3 years of paying fully comp premiums I could literally pay for a replacement engine with the money I saved!

Oh, and welcome to ribnet!

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