Outstanding finance on a boat?

[Guest]

23 minutes ago, Mike Todd said:

But they do have to convince a court that their paper is better than yours.

 

It is just possible that they borrower did repay the mortgage but the lender 'mislaid' the paperwork.

Yes I would expect due process would need to be followed.

[ditchcrawler]

7 hours ago, Tasemu said:

Hmm.. I'm going to be paying off my boat. I guess if i want to sell it in the future to finish off the loan i'm going to have a lot of suspicious looks haha...

But is your loan secured against the boat, or is it just a private loan?

 

2 hours ago, Alan de Enfield said:

Yes, legally it matters.

 

You are not the owner until the mortgage is paid off (different for a personal loan) as the boat is security against the loan.

You cannot sell something that is not yours, if you require to sell it then the Mortgage company should be informed and permission to sell given. The Mortgage company may insist that the payment is made into their bank and they will refund to you the balance after they have deducted the outstanding amount.

 

If you were to buy a boat with finance outstanding against it, the finance company would be within their rights to re-possess it and give you Zilch as you don't own it (they do).

However, I would think that the finance company would rather have the money than the boat , so, rather then lose the boat you may decide to offer them the outstanding amount.

Bit like buying a car on HP and then selling it on

[Momac]

If you think about it there are many things you own that you cant prove to be your belongings .You may have some paper receipts but that doesn't prove much. Most people throw away or lose receipts.   As an example I imagine many  people have jewellery which they may have purchased/received as a gift/ inherited  for which they have no proof of ownership.

 

I do think a broker has responsibilities and if involved in fraudulent sale could be held liable and almost certainly would not have long to remain in work.

The broker  should ask see  reasonable evidence of ownership before he advertises the boat. He should also deal with the money - you pay the broker , the broker pays the vendor after deducting his fee. So you are not revealing your bank details to anyone other than the broker.

 

You don't necessarily pay any more for a boat on brokerage and as a buyer you do have a strong negotiating position. The broker always wants to make  a sale and  will probably  be open to passing on offers to the owner.

 

 

 

 

 

 

Edited July 6, 2020 by MartynG

[ditchcrawler]

13 hours ago, MartynG said:

If you think about it there are many things you own that you cant prove to be your belongings .You may have some paper receipts but that doesn't prove much. Most people throw away or lose receipts.   As an example I imagine many  people have jewellery which they may have purchased/received as a gift/ inherited  for which they have no proof of ownership.

 

I do think a broker has responsibilities and if involved in fraudulent sale could be held liable and almost certainly would not have long to remain in work.

The broker  should ask see  reasonable evidence of ownership before he advertises the boat. He should also deal with the money - you pay the broker , the broker pays the vendor after deducting his fee. So you are not revealing your bank details to anyone other than the broker.

 

You don't necessarily pay any more for a boat on brokerage and as a buyer you do have a strong negotiating position. The broker always wants to make  a sale and  will probably  be open to passing on offers to the owner.

 

 

 

 

 

 

Braunston once bought and sold a stolen boat, when it was discovered they stode by the sale and took the hit. By then there had been an insurance payout so they noaw owned the boat. If I remember rightly Braunston were able to buy the boat at a good price so didn't lose too much. Time wrote about it somewhere

[LadyG]

Not all brokers are going to make any enquiries, or be concerned when you do .......

[Higgs]

On 07/07/2020 at 12:24, ditchcrawler said:

Braunston once bought and sold a stolen boat, when it was discovered they stode by the sale and took the hit. By then there had been an insurance payout so they noaw owned the boat. If I remember rightly Braunston were able to buy the boat at a good price so didn't lose too much. Time wrote about it somewhere

 

I wonder if the broker bought the boat at a suspiciously low price. 

 

 

Edited September 15, 2020 by Higgs

[ditchcrawler]

14 hours ago, Higgs said:

 

I wonder if the broker bought the boat at a suspiciously low price. 

 

 

I wish I could find where I read that. Basically Tim wasn't there and they bought the boat for cash

[wakey_wake]

Threadwakey, in the context of things to consider for (private) boat purchase:

 

Waterways World mag's 2020 Annual says (emph mine)

Quote

> ... you need to ensure that the person offering it has the right to sell it. Boats are sometimes owned by more than one person and it is not unknown for one owner to try to sell the whole boat without telling the other. These problems would be easily solved if there were compulsory title deeds...

 

so I wonder whether there is an advantage to having a lender during a boat purchase, for the purpose of them being in the same boat ? with outstanding finance risk. Complications,

• Fitout Pontoon says a Chattel Mortgage would be the tool, because the loan is secured on the boat, but I'm not seeing much when I Search The Fine Web
• Arkle & Lombard explicitly won't lend on residential
• (the private sale boats I'm looking at are probably not yet habitable)
• (in lockdown, brokers mostly only do viewings for residential)

[wakey_wake]

~~~~ (post merge?) ~~~~

Here is one at https://www.thisismoney.co.uk/money/saving/article-2245780/Victory-couple-threatened-26k-narrowboat-loan-bill.html

"Told we owed £26k even though bank knew it wasn't our debt': Victory for couple threatened with losing narrowboat home"

Quote

The pair had attempted an HPI check on the narrowboat, similar to those carried out on used cars to check for existing finance, but were told there is no register for boat ownership – and they have this in writing.

They also asked other boat owners in the area, who told them it is very difficult to find out about any outstanding finance on boats.

...

HPI checks are easily obtained for cars – websites like hpicheck.com will reveal any outstanding financing a vehicle before a buyers falls into a potential trap. [...] it did previously offer the service [for boats], but hasn’t done for some time.