Proof of Ownership

[Guest]

I'm afraid that this is entirely incorrect.

 

Buying stolen goods "in good faith" does not alter the fact that they are stolen goods. The seller doesn't own the goods, and it is a clear principle of the law that you cannot give better title to goods than you yourself have.

 

This is the exact problem that HPI checks on cars solves. Unfortunately the same does not exist for boats.

 

It could (particularly as there is really only one provider of secured finance on boats)

 

Actually, that does give you an effective way of checking. Never buy for all cash. Buy with a 10% Marine Mortgage from RSL, then pay it off immediately.

 

RSL might just notice that you are buying a boat that has outstanding finance.

That could work - however if the finance was secured for a boat purchase using finance from Barclays Marine before they ceased providing marine finance in around 2010 then that would need RSL to check with them too. Obviously if the existing secured finance was with RSL it stands a better chance of being picked up.

[Paul's Nulife4-2]

Hi ya Mike, are you sure there is no check on boats available !

My take on this is,

If there is money secured on a vessel,then it's probably a requirement of the lender that the vessel in question is Registered on mca Part 1,

Therefore a complete check can be made of Previous Ownership, Current Ownership and Finance Secured on it via the mca registration confirming ownership of the 64ths of a boat.

In fairness I may have just dreamt that up.

 

If someone has Extended there House Mortgage,or got a personal or unsecured loan to buy the vessel,then it probably wouldn't affect the new owner.

But as suggested,I bet there are exceptions to this, but you can proove you have done everything reasonably practicable to check ownership of the 64ths or whatever it's now gauged in.

Edited April 14, 2014 by Paul's Nulife4-2

[mayalld]

My take on this is,

If there is money secured on a vessel,then it's probably a requirement of the lender that the vessel in question is Registered on mca Part 1,

Therefore a complete check can be made of Previous Ownership, Current Ownership and Finance Secured on it via the mca registration.

 

I know for 100% certain that RSL did NOT require MCA registration hwen we bought, so that won't work.

[Paul's Nulife4-2]

Oh right, ok.

Whilst waiting for replies, I've just,found a useful site that might help some future readers of this thread,but can I rely on someone else to do a in post Linky,as I don't know how to do it yet.

 

nidirect.gov.uk/registering-your-pleasure-craft

 

Worth a read

Edited April 14, 2014 by Paul's Nulife4-2