Take Care When Purchasing a Vessel

Although the purchase of a vessel(s) will be common practice and/or second nature to a number of MJ readers, nevertheless there are hidden pitfalls which, thankfully, very rarely come to light but if they do, are of critical importance – not least because they can expose the purchaser to a huge expense.

British law provides no protection for the purchaser of a vessel with loans made against it.

Although the purchase of a vessel(s) will be common practice and/or second nature to a number of MJ readers, nevertheless there are hidden pitfalls which, thankfully, very rarely come to light but if they do, are of critical importance - not least because they can expose the purchaser to a huge expense.