Buying Your Boat
Buying a boat can be a daunting prospect. Below are a number of points you need to know.
1. Survey – Use a qualified surveyor. Some guidelines below from the Marine Surveyors Register
How to Check on the Surveyor’s Authenticity
As an additional check, ask to see the surveyor’s Identity Card, and then check it against the Register to ensure that the surveyor is approved. You can even check with the parent organisation if you are not sure.
Finally when selecting a marine surveyor, you can ask him the following questions:
What to ask the surveyor:
- Confirm current membership of a recognized organization
- An estimate of the cost of the survey. Ask about expenses that may be included
- Confirm the surveyor carries out your type of survey
- Enquire if the surveyor has carried out a survey on your type of vessel before
- Ask for at least two references from previous clients
- Confirm the surveyor has PI insurance cover
- The timescale for carrying out survey and delivery of the report
Warning! Only use a surveyor who is on the Marine Survey Register – DO NOT use anybody else – If they are not on the Register, you cannot confirm their Authenticity.
2. Be aware of the regulations for gas installations. Use a qualified Marine Gas Fitter to check your gas system, check the Gas Safe Register www.gassaferegister.co.uk
3. Engine service before launch – should you have one or not?
S. D. Marine Ltd would recommend that you do have the engine serviced, it should be fit for the purpose. It can only be fully checked when the boat is launched, so what we do it have the Sales Agreement with a stipulation that it shall be subject to an engine test at launch. This means that there are no extra costs to have the boat launched at survey and re-lifted, but at the same time there is a come back if the engine has problems at launch.
4. What costs are associated with buying a boat?
Deposit, full balance, engine service, renewals of consumables (flares, fire extinguishers, anodes etc, insurance, mooring costs.
5. Title Paperwork – you need to know what paperwork is necessary for a trouble free purchase.
You should ensure that you see the original paperwork, depending on the age of the boat you should have some or all of the following:
Bills of Sale
An Invoice that proves VAT was applied and paid for
Any registration; Part 1 or SSR
Any import/export paperwork (if applicable)
6. Insurance – when to insure it, what insurers need from you.
You need to insure the boat when you have accepted the survey, and/or when you make the full payment for the vessel. Typically the insurance company will ask a few details about the vessel which you should be able to get from the specification. Many marine insurance companies will give you an online estimate and you can buy insurance online. Be sure to use a Marine Insurance company, they have the experience and proper policies in place to safeguard your asset.
7. If using a broker, are they a recognised broker belonging to the marine industry’s governing bodies?
8. Have an adequate Sales Contract/Agreement that protects you and your deposit.
The above are only guidelines and given in good faith.