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  1. #1
    Join Date
    Nov 2009
    Location
    North East Hampshire
    Posts
    615

    Default Company owned boats

    So I’m potentially going buy this boat. Not saying where or what at the moment.
    The owner has it down as being in his company’s ownership. Is there anything different from buying privately from the owner or via his company? Can there be outstanding finance on a company boat and how do I find this out.
    If I were to use the RYA boat purchase agreement forms does signing this cover me from any encumbrances?

    I assume as he’s not a dealer therefore wouldn’t be any warranty via the company?

  2. #2
    Join Date
    Jan 2009
    Location
    Stratford on Avon
    Posts
    11,208

    Default Re: Company owned boats

    I think this is more risky than a direct purchase form a clear owner. Others on here will know better than me. How easy is it to find out what outstanding if any liens are there? Who are you buying from? Does this person have any rights to sell? Could be a rocky path.

  3. #3
    Join Date
    May 2001
    Location
    ation, Loc: ation, Loc: ation.
    Posts
    16,528

    Default Re: Company owned boats

    Is the boat on the Part 1 Register?

  4. #4
    Join Date
    Oct 2003
    Location
    Newark
    Posts
    29

    Default Re: Company owned boats

    VAT may have been claimed in the purchase through a business - you may have to pay the VAT!

  5. #5
    Join Date
    Apr 2005
    Location
    Looking out of the window
    Posts
    13,949

    Default Re: Company owned boats

    Quote Originally Posted by artisan View Post
    VAT may have been claimed in the purchase through a business - you may have to pay the VAT!
    That can also be true when buying from an individual.

  6. #6
    Join Date
    Dec 2005
    Location
    Live London
    Posts
    3,839

    Default Re: Company owned boats

    If you charge an asset owned by a company it should be registered at Companies House.

    If on part 1 then the finance will also be registered against it on the register.

    The reason I suspect he owned it via a company are either / or / both

    - if he bought it new he reclaimed the VAT. In this case he must add vat when he sells it and you will get a VAT receipt from his company

    - so that the expenses can be written off via the business. Not a winning strategy but this depends if the inspector calls or not and of course Mose of the time he does not. This is nothing to do with you.

    If he bought the boat second hand VAT paid then there is no vat to be paid on its sale UNLESS he makes a profit on it, in which case he must charge VAT on the profit element. Depending when the boat was bought a profit is indeed possible.

    So your concern is regarding the VAT and the boats VAT status when he bought it and if he has or has not made a profit on it.

  7. #7
    Join Date
    Feb 2008
    Location
    Farndon
    Posts
    3,048

    Default Re: Company owned boats

    The previous owner of my first boat was a company.
    I bought the boat via Burton Waters as brokers for the vendor . There were no issues, nor was there any warranty.

  8. #8
    Join Date
    Nov 2009
    Location
    North East Hampshire
    Posts
    615

    Default Re: Company owned boats

    The boat had the VAT paid by the first owner when new. I have seen the invoice and Bill of Sale. He’s said the boat is part 1 registered but I’m unsure if it’s transferred into his name as it was taken as a P/x and therefore just selling it on at below the price he allowed for it on the deal. So no profit I guess. He’s also putting money into it for repairs before sale.

  9. #9
    Join Date
    May 2001
    Location
    ation, Loc: ation, Loc: ation.
    Posts
    16,528

    Default Re: Company owned boats

    Quote Originally Posted by russ View Post
    The boat had the VAT paid by the first owner when new. I have seen the invoice and Bill of Sale. He’s said the boat is part 1 registered but I’m unsure if it’s transferred into his name as it was taken as a P/x and therefore just selling it on at below the price he allowed for it on the deal. So no profit I guess. He’s also putting money into it for repairs before sale.
    The Part 1 shows who the owner is and also any registered charges against the boat.

    I think I would be wary of buying a boat that is Part 1 registered to someone other than the seller (even if it was a part exchange job). Note that the seller can be changed on a Part 1 simply by scanning and emailing the appropriate Bills of Sale to the MCA.

  10. #10
    Join Date
    Dec 2005
    Location
    Live London
    Posts
    3,839

    Default Re: Company owned boats

    I agree with Pete.

    Part 1 is a register of Title and as such the person on the certificate owns it.

    There maybe convention as to how dealers take these into stock, but you should see a bill of sale from the vendor to the current company owner and then you will get the some from them to you.

    Someone else may know if a dealer would register the transfer on Part 1 or not. I used to run the divisor that included Lombard marine. I simply cant recall if we registered our interest at the registry or just held all the documents for stocking plans.

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