Our team of marine lawyers have handled many sale and purchase transactions in respect of ships, yachts and other craft of many and various types and sizes on behalf of buyers, sellers, brokers and those lending funds to facilitate the transaction. Whether the purchase price is in the hundreds, thousands, hundreds of thousands or millions and whether the sale contract is on the Norwegian Sale form, one of the industry standard yacht sale and purchase agreements (such as MYBA, British Marine, RYA or ABYA) or something more bespoke, the issues are nearly always the same. We have the knowledge and experience to deal with such issues for you.
Our marine solicitors can advise one or other of the parties in any transaction, even when there is already a ship broker or yacht broker involved. If the broker has produced a sale agreement, we can advise on that contract and conduct negotiations on your behalf to ensure you are adequately protected. If no contract has been produced by the broker (or where there is no broker involved) we can produce one.
We are able to accept appointment as stakeholders in order to receive and hold the deposit. We can also receive and hold the balance of the purchase price and release it on completion as required, settling off existing security where appropriate.
Where the purchase is being funded by a lender, we can receive funds from the lender in order to release funds to the seller at completion. We can then register the mortgage against the vessel on behalf of the lender. We can also advise on the terms of the loan agreement and the security documentation, typically including a mortgage and a deed of covenants and/or a deed of assignment of the insurances and charter earnings.
New build and refit contracts: Our team of marine lawyers can advise on the contract terms, the passing of title, stage payments, warranties, delay and any other issue of concern.
All vessels sailing in international waters must be registered. The UK Ship Register, which is part of the Maritime & Coastguard Agency (MCA), is the register for British ships. Registration evidences the vessel’s nationality and ownership. There are a number of requirements that need to be satisfied for a vessel owner to register their vessel.
Our marine law solicitors can handle all aspects of vessel registration for you, whether on the British Registry or a foreign flag. UK Government advice on registering your vessel can also be found at www.gov.uk/register-a-boat/the-uk-ship-register and also at www.ukshipregister.co.uk/registration/eligibility/
- We are UK members for ShipArrest.Com
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