Do your due diligence



Boats are not cheap. I read horror stories on the internet daily about people buying boats that were not the sellers to sell. Boats that have gone the day after the new owners have transferred the money. People who buy boat without a hull survey to find it needs over plating. No one is looking out for you in this situation, you have to do your due diligence.

Unlike when you buy a new house there is no national register of boats. This means it is up to you to make sure that the person selling the boat is actually the legal owner and also that there is no finance owed on the boat. I have to admit I found this a little overwhelming, which is why I bought through a broker. Although legally I'm not sure that you are any better off this way, but the seller has to identify themselves and sign paperwork to confirm the above.

The reason you need to be sure there is no loan or mortgage attached to the boat is because you become liable for the repayments if you buy the boat. I'm not sure there is an easy way to check the financial situation of a narrowboat, the only answer I came up with when I was thinking of buying through a private seller was to use a solicitor to check this.

When it comes to checking if the owner really owns the boat they are selling I think this can be done quite easily by them letting you see the boats paperwork. Past moorings, work done, insurance, CRT (or equivalent) license, the bill of sale from when they purchased the boat and also past bills of sale. Then checking all this against their identification. Do not be afraid to ask, you are parting with a lot of money.

Before you transfer any money, as I have said before - get a hull survey at the very least as full survey even better. With the boat coming out of the water and the survey this will cost around £500.

lastly once you are ready to transfer the money and take possession of the boat make sure you get a bill of sale and all paperwork for the boat. I will add a link to the governments recommended form for this.

Bill of Sale template

You can never be too careful and if the seller is genuine they will completely understand and assist you in any way they can, if they don't' walk away....

Please feel free to comment. Ask questions. Tell of your experiences. No judgment here and opinions always welcome. Until the next time 😃




Location: United Kingdom

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