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Posted: Sat Feb 02, 2013 9:45pm

Post Subject: Buying a boat that is currently being financed

Hi, i'm currently living on a rented narrowboat, i'm interested in making a purchase for this boat, but i'm aware that the boat is currently being financed, also his mooring arrears are also involved in the equation, I know how much he owe's roughly and am aware if he sold it to me that he would be pretty much breaking even, my main concern is I obviously don't want to hand over any money if the boat technically belongs to a finance company but wonder if there's a way of paying it all off with some sort of legal agreement between the boat owner, myself, finance company and the marina without involving a solicitor, i'm aware of going through a brokerage also, but just wanted enquire whether or not it could be done by myself without any backlash or future problems, yours thankfully Kieran


Posted: Sun Feb 03, 2013 7:54am

Post Subject: Buying a boat that is currently being financed

I think anyone apart from a solicitor well versed in this sort of thing who offers advice would be very foolish. Its a minefield. I doubt the finance company will talk to you quoting data protection so I do not see how you could organise you paying them. I think the best you could hope for is that a third party who holds professional indemnity insurance agrees with both of you that they will collect the money and use it to pay off the debts. However that rather sounds like a solicitor doesn't it. You will also need a signed and preferably witnessed statement form the vendor to state that there are no encumbrances or on the boat and that he passes ownership to you. Paperwork is all here. There is no official way of transferring a boat that is not registered as a British Ship. Even the Small Ships Register only records the keeper, not the owner. Only on Friday we heard about a man who bought a boat, apparently in good faith, only to have the alleged owners or their representative turn up to say the boat was not the vendors to sell. Tony Brooks

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