I bought an unregistered panther sportscruiser in 2006 for £17500. did an HPI check and a search of the small ships regster. All clear.
In 2009, the bank of scotland contacted me to say they have a marine mortgage on the boat. I challenged this with my searches o they took the matter to the high court and won. I did my own defence as I felt the boat wasn't worth the price of QC's.
I presumed that if they won they would be entitled to the boat, but that is not all. The judge has ruled that the entire mortgage and interest is now my liability. The previous owner who did not mention the mrtgage, now owes £27500 and this debt has been passed to me. So I have lost the boat and the cheat who ripped me off is sitting pretty 10 miles away while I now have to pay his debt. The bank have started bankruptcy proceedings.
Has this kind of thing happened to anyone else?