Charter/Lease

[nantucketer2013]

We are in the process of attempting to charter a boat from an owner that still has a mortgage on his boat. There is a clause in his mortgage that states he must get permission to charter his boat for long periods of time, this would be for 7 years. This agreement of ours is actually a charter with a purchase on the end, meaning that all of our payments go towards the purchase price. Has anyone dealt with this before and if so what does the bank need to issue permission/what is their process? Thanks.

[denverd0n]

This is not the "usual" way of buying a boat. You need to talk to an attorney, not a bunch of strangers on an internet forum.

Good luck.

[Vasco]

You need legal advice from a competent attorney who has the facts. Or you could ask the bank what they would require before granting permission. No one on this site can give you a definitive answer based on the information you've provided.... but I'm sure some will try.