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Boat Buying Tips

Buying a boat is possibly one of the largest financial outlays you are ever likely to make, so it’s important that you understand the legal aspects of any purchase.

Most boat sales, whether new or second hand, go through without any problems, however it’s wise to make a few basic checks before parting with your money.

Buying a Boat Privately

Unlike cars, a boat is not covered by a legal registration document. Unless you wish to take your boat abroad, registration is not required at all, which can make it difficult to check that the person selling the boat actually owns it and that there are no outstanding loans secured on it.

If you’re considering buying privately, it’s wise to visit www.stolenboats.org.uk to check that the boat, or a similar vessel, has not been reported stolen. However, even if the boat you’re considering isn’t listed on the site, it doesn’t necessarily mean that it hasn’t been stolen.

If a boat bought privately has a hidden history or faults, you won’t be legally protected, therefore it’s important that you ask the right questions and satisfy yourself; that it’s sound and in good condition before you buy. Employing the services of a qualified marine surveyor or boat builder to give the boat a thorough inspection is the best way to ensure your peace of mind.

When Buying Privately

  1. Ask the seller for proof of ownership before you commit yourself. Walk away if all the necessary documents can’t be produced:
    CE Certificate if the boat was built after 1998
    VAT invoice (if applicable)
    Registration Certificate
    Bill of Sale
  2. Make sure that the seller has a thorough knowledge of the boat and a genuine reason for sale.
  3. Check the prices of similar boats on the market.
  4. Always arrange to view the boat at the seller’s home address, never in a car park or other public place.
  5. Check whether the boat has been involved in any accidents or has had any major repairs carried out. Most repairs are guaranteed for 12 months, so it’s worth recording the date of any repairs and who carried them out in case of future problems.
  6. If the boat was home-built or you’re buying outside the European Economic Area (EEA) you need to be aware of The Recreational Craft Directive requirements.
  7. The VAT Status of a second hand boat is also important, as your boat needs to have VAT Paid Status to be allowed free transit throughout the EU.

 

For further information on the Recreational Craft Directive and VAT Status go to www.rya.org.uk

 

In addition to the actual cost of purchasing your boat, don’t forget to take into account the following extra expenditure associated with running it.

  1. Insurance
  2. Boat and trailer registration
  3. Taxes
  4. Fuel
  5. Docking and mooring fees
  6. Storage
  7. Equipment such as life jackets, fire extinguishers, flares, marine radio, anchor and dock lines
  8. Maintenance
  9. Trailer
  10. Survey
Yacht Harbour Association Burton Waters Lowestoft • Lowestoft Haven Marina • School Road• Lowestoft • Suffolk NR33 9NB • England
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