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Old 03-08-2021, 23:40   #1
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Do I need a lawyer?

Well it seems that day I own my first boat is coming around. I did not use a buyer's broker and am being sent a contract for my boat of choice. My question is whether I should find a lawyer to check the contract (supplied by the sellers broker)? And whether that lawyer needs to be "special" in terms of buying a marine vessel? The boat is in Europe and Euoropean flagged and tax paid. I am British.
I suppose my final question should be around recommendations of someone who can help me with this (if help is recommended) and through the process and choice of flagging and vessel change.

All comments are welcome, thank you in advance from a person who has read this forum for years without actually (until now) ever owned a boat!
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Old 03-08-2021, 23:48   #2
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Re: Do I need a lawyer?

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Originally Posted by Heath68 View Post
Well it seems that day I own my first boat is coming around. I did not use a buyer's broker and am being sent a contract for my boat of choice. My question is whether I should find a lawyer to check the contract (supplied by the sellers broker)? And whether that lawyer needs to be "special" in terms of buying a marine vessel? The boat is in Europe and Euoropean flagged and tax paid. I am British.
I suppose my final question should be around recommendations of someone who can help me with this (if help is recommended) and through the process and choice of flagging and vessel change.

All comments are welcome, thank you in advance from a person who has read this forum for years without actually (until now) ever owned a boat!
how many million € is boat. i suggest lawyer if boat is over 10 milion

do you when buying car , or for wife prada bag/ cloths use lawyer
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Old 03-08-2021, 23:50   #3
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Do I need a lawyer?

I read that as ď buying a wife use a lawyer ď was about to wholeheartedly agree

Seriously whatís the issue. Read through the sakes contract ( typically itís boiler plate YBDSA ) ask the sellers broker to explain any clauses that confuse you. Itís not difficult to understand.

7 boats , from 24 foot to 50 , never used a buyers broker.

One assumes you are fully aware of the post Brexit VAT situation and whatever you are doing it works for you.

Would agree that over 500K -1 million I would have a buyers broker and access to suitable accountant and legal advice.
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Old 04-08-2021, 00:05   #4
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Re: Do I need a lawyer?

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I suppose my final question should be around recommendations of someone who can help me with this (if help is recommended) and through the process and choice of flagging and vessel change.
Maybe a customs agent to clarify issues with VAT, registry and area of operation.
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Old 04-08-2021, 00:49   #5
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Re: Do I need a lawyer?

Will the boat stay in the EU?
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Old 04-08-2021, 01:04   #6
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Re: Do I need a lawyer?

Heath68 have you been onboard the boat? Is the contract subject to survey and sea trial?
Cheers
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Old 04-08-2021, 03:22   #7
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Re: Do I need a lawyer?

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Originally Posted by goboatingnow View Post
I read that as ď buying a wife use a lawyer ď was about to wholeheartedly agree

Seriously whatís the issue. Read through the sakes contract ( typically itís boiler plate YBDSA ) ask the sellers broker to explain any clauses that confuse you. Itís not difficult to understand.

7 boats , from 24 foot to 50 , never used a buyers broker.

One assumes you are fully aware of the post Brexit VAT situation and whatever you are doing it works for you.

Would agree that over 500K -1 million I would have a buyers broker and access to suitable accountant and legal advice.
Well it is nearly Ä500k yes.... and no I am not aware of any brexit VAT.. that said I do not plan to keep it in the UK.
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Old 04-08-2021, 03:24   #8
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Re: Do I need a lawyer?

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Will the boat stay in the EU?
Thanks.. We hope to sail it around the med for a year and then pop across the pond to start a circumnavigation... it is unlikely to be in the UK waters for anything other than passing through.
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Old 04-08-2021, 03:26   #9
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Re: Do I need a lawyer?

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Heath68 have you been onboard the boat? Is the contract subject to survey and sea trial?

Cheers
I made my offer on the basis of a full professional survey. The broker is emailing me the contract today. I had agreed (because we were not in a terrible hurry and he had already arranged for his daughter to visit) for the completion to be mid September.. I didn't see anything wrong with that.

Thanks
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Old 04-08-2021, 03:43   #10
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Re: Do I need a lawyer?

Depends on your experience of contract law and understanding of the issues. If you are familiar with the issues I would not bother with a lawyer. If you have never read the fine print of a contract I would seek some help. Does not need to be a lawyer; if you have a friend or family with commercial experience they should be able to help.
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Old 04-08-2021, 03:47   #11
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Re: Do I need a lawyer?

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Depends on your experience of contract law and understanding of the issues. If you are familiar with the issues I would not bother with a lawyer. If you have never read the fine print of a contract I would seek some help. Does not need to be a lawyer; if you have a friend or family with commercial experience they should be able to help.
Thanks... do you think I need someone to help advise me on what my options are when getting it reflagged? I had heard that the flag of a boat does not affect tax implications. I have also heard it is best to buy it and register it in both our names but I am not sure after that.
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Old 04-08-2021, 04:45   #12
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Re: Do I need a lawyer?

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Thanks.. We hope to sail it around the med for a year and then pop across the pond to start a circumnavigation... it is unlikely to be in the UK waters for anything other than passing through.
Don't stop in the UK with a non UK VAT boat if you will still be resident in the UK.

You know of the max 90 days in 180 days in Schengen?
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Old 04-08-2021, 04:45   #13
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Do I need a lawyer?

I would advise against dual names as you can be in situations where you need the joint owners Sig and you canít get it.

As to vat

Be aware that if you are a U.K. tax resident , you will loose the eu vat status of the boat if it ever leaves the eu. , note also that if you visit the U.K. as a U.K. tax resident you can be accessed as importing the boat and U.K. vat is due

Note also of the boat is U.K. registered ( and U.K. vat paid ) , then if the boat has been out of the U.K. ( or never in it ) then after three years from original purchase U.K. RGR ceases and U.K. vat is due if the boat renters the U.K. currently there is a 1 year concession to end of 2021
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Old 04-08-2021, 04:47   #14
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Do I need a lawyer?

I would advise that you should reflag the boat to a EU flag if your intention is to mainly keep it there

Polish reg is quick and easy

Edit I see itís Eu registered. Thatís the best bet

Note you canít visit the U.K. in that boat if you are a U.K. tax resident.
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Old 04-08-2021, 06:08   #15
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Re: Do I need a lawyer?

Lawyers is like reefing.
If at first you think you might need one......get one!
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