Part 1 Registration

[Tomtom39]

Hi all.
Just want to pick people's brains
Just about to purchase a yacht in Spain which is Spanish flagged!
I have the following documentation

Builders certificate
Bill of sale
Sales invoice from 8 years ago showing TVA paid and change of ownership etc...

I have a problem in that to de flag the boat it takes 2 to 3 months and I have been told that the mca will accept the official Spanish de flag provisional document which you get within 1 week of applying for the de flag, only problem is that my mortgage company is saying that they won't accept.
Really struggling now as mortgage company need part 1 registration to count...

Any help would be great and anyone that has experienced this...

[s/v Jedi]

Why would you want to de-flag it? Are you not Spanish?

ciao!
Nick.

[Tomtom39]

Hi
I am British and would want the British registered as will also be using mortgage company to help finance the boat. There requirement is British part 1

[goboatingnow]

Originally Posted by Tomtom39

Hi
I am British and would want the British registered as will also be using mortgage company to help finance the boat. There requirement is British part 1

This is not an uncommon problem. Work your finance company over. They must be aware of the problem. Otherwise you may have to secure the loan temporarily on other collateral

Dave

[deepstar]

My yacht is on UK Part 1 papers.... The process was quite simple; The people at the MCA were very straight forward to deal with.

Basics (off the top of my head)

1 person need to be a UK Citizen
If you are buying with a partner .... they can only own equal shares if they are a UK Citizen (This problem actually saved me $$$$'s when I subsequently split from my wife - thank you MCA so much).
You need a permanent UK address
Cost - I think from scratch 124 pounds, renewal 84 pounds. - Which OK is expensive... but it is one piece of paperwork - which you can say "IT's MINE".... and that I suspect is what your mortgage company is looking for.


Hope the deal goes through.

[goboatingnow]

Not quite correct here's the eligilibilty clause
"
Eligibility for Part I registration
Part I registration costs £124. To be eligible you need to be one of the following:
British Citizen
British Dependent Territories Citizen
British Overseas Citizen
company incorporated in one of the EEA countries
citizen of an EU member state exercising rights under articles 48 or 52 of the EU Treaty in the UK
company incorporated in any British overseas possession which have its principal place of business in the UK or those possessions
European Economic Interest Groupings
"

Note this isn't the OPs problem. He needs parts 1 registration for his finance, but as the boat is Spanish flagged he needs a deflaggjng cert that takes time in Spain. It's a catch 22. Really this is an issue with the finance people.

Dave

[s/v Jedi]

So.. to register in the UK, that 1-week-later letter from the Spanish de-flag procedure isn't good enough? I think it is, meaning that the boat can be quickly registered in the UK, while Spain finishes the de-flag later.

ciao!
Nick.