Do I need a specialist solicitor if I'm buying a yacht?

 

Buying a yacht is a huge financial commitment. So whilst claiming ownership over a fantastic vessel that will surely lead to years of enjoyment should be an exciting event, there are inevitably massive risks. Ensuring you go about your yacht purchase in the right way can make the difference between living the dream, and a waking nightmare. The best way to avoid all the headaches is to ensure you take legal advice from an experienced maritime solicitor prior to making your purchase.

The crucial issue which often crops up when purchasing boats is the lack of formality in many agreements. Yachts are commonly bought and sold without a contract for sale or any formal process. Yet as many yachts cost more than houses, it is surely every bit as important to approach the transaction with help from a maritime solicitor.

A crucial distinction is found between new and second hand vessels. New vessels bought from a manufacturer will be purchased under warranty. Manufacturers will deal in standard trade contracts with protection for both sides. Nevertheless, it is worth getting your solicitor to look over any contract for such a valuable item.

More complications occur with the purchase of used vessels, either through private transaction or from a dealer or broker. Your maritime solicitor can help here by providing a contract for sale, putting some basic conditions down to protect both your interests and those of the seller.

Your solicitor should ensure that VAT was paid when the yacht was bought, and can check if there is a mortgage secured against it. This helps to avoid the situation where your yacht purchase suddenly embroils you in a tax or debt nightmare, with the seller conveniently disappearing as soon as the purchase money clears their account.

Taking simple steps such as taking legal advice from an experienced maritime solicitor can help ensure that buying your yacht is as exciting an occasion as it should be.

If you would like to obtain legal advice on buying a yacht, Contact Law can put you in touch with a local maritime solicitor free of charge. So, if you have any questions or would like our help in finding local maritime solicitors please call us on 0800 1777 162 or complete the web-form above.

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