Vlog 66: Money Talks (Part 1)
After months of people saying “but what does it cost?”, here’s the first in a series of 3 or 4 videos about how much money it takes to buy, own and live aboard a narrowboat.
In this video, it’s all about the buying process. Actual monies required for buying typical boats will be covered in Part 2; then ownership costs in Part 3; and liveaboard costs in Part 4. Phew!
Interesting question, as there is no formal ownership documentation, of what happens if the boat is being used as security for a loan. I would suspect that in that case you won’t get proper title to the boat and it could be repossessed if the loan is unpaid. I don’t know but it would certainly worry me and I have no idea how you would find out if the boat was securing a loan.
You are correct, the boat could be repossessed. It is alarming and peculiar and there is no way to make 100% sure; you just have to get as much documentation as you can; some brokers will also imdemnify anything happening along those lines.
I appreciate that responding to my request for information may be met with a “no comment”, for obvious security reasons, but as an amateur videographer I should be very interested in knowing what camera, or cameras, you use to record all your blogs. Also, what NLE software do you use and do you use an on-board laptop for editing or a shore based PC?
If you would prefer not to respond, in case this knowledge might pique the interest of some shifty towpath ne’re-do-wells, then I shall fully understand your desire to keep your boat and its contents secure.
Kind regards,
Mark
My camera gear is listed at the bottom of each video description. I use Sony Vegas Pro 13 to edit on a laptop. Cheers
As you have mentioned a paper trail is important. When we bought out boat It had previous RYA / MCA Bill of Sale. http://www.rya.org.uk/knowledge-advice/legal/buying-a-boat/Pages/bill-of-sale.aspx
http://www.rya.org.uk/SiteCollectionDocuments/legal/Web%20Documents/Legal%20Leaflets/Members%20Advice/Bill%20of%20Sale/MCA%20Bill%20of%20Sale%20(New%202013).pdf
On purchase the previous owner to us signed the Bill of Sale so we had additional paperwork and some protection to help authenticate the sale
Hi davI’d but one yet thanks for the information as I’m looking for a boat for my self &polo my dog so looking forward to seeing number 2 off buying a narrow boat regards pete
Hi David,
Sound advice again. You’re right about the fact that this isn’t “regulated” like buying a car or a house. I think it should be, purely because of the value of the transaction.
It would probably push the cost of the transaction up to cover the cost of the regulator, but I think most people would find it would make a more stress free process. It would also probably help with smoothing out the issue of whether or not you have the available funds to back up the transaction.
Cheers, Ronnie.
Some sort of owner registration scheme would surely be a good idea, I agree!