Marine Survey for Yacht Insurance in Samos Greece

 Insurance Survey on this American Built 1990 Catalina 42 Yacht

Todays Assignment an Insurance Survey on this Catalina 42

Insurance Survey in Malagari Boatyard Samos Island.

I'm not a great lover of 'American Yachts', but I must say I was really impressed with the design and build of this one. As all Catalinas, the 42 was designed around accessibility – to wiring, plumbing and other systems because the designer Gerry Douglas believed boats should be low maintenance to maximise the owner’s time on the water. It was a smart approach that was copied by competitors. Its a shame not more Yachts are built with the same principles in mind.

Hull construction is a solid laminate with no coring and a structural liner anchors the furniture foundations. The deck is cored with end grain balsa except where hardware is installed where solid plywood was used. 

1,022 were built over about 25 years. This one launched in 1990, the prolific 42 went through a few tweaks and iterations including the Mark II that was introduced in 1995, but these were mere improvements on an already classic design.

The fin keel was offered with a six-foot draft but a 4’10” version was created like this example for the shallow waters of the East Coast.

Expect to see speeds of six and seven knots on a beam reach with a wind of 12-15 knots true. Auxiliary power will depend on the year. This one a Yanmar diesel of 44HP. Situated under the companionway steps, the engine has fairly good access from all four sides.

I liked this! The mainsheet traveller is on the cabin top, and two winches on either side of the companionway manage halyards and reefing lines. 

Because there were so many 42’s built, there are quite a few for sale so it’s easy to find a good example of this wonderful boat that sails like a witch, is nimble in tight quarters, and is quite shapely to boot.

         Do your require an Insurance Survey. Is your Yacht located in Greece.

                                             Drop me a message.  

Buying an Ex Charter Yacht in Greece and then the Survey!

Thinking of buying a yacht in Greece? There are bargains to be had! You can now find a nice 'Greek Island Hopper' for 30,000 euros! Take a look at this great starter Yacht.....Mamba 34 1977 Yacht

The majority of Greek yachts listed with some brokers are former charter yachts, known as Greek professional yachts. Some people shy away from them, believing it equivalent to buying a second-hand vehicle from a car hire firm. Not all charter yachts are ill-used or poorly maintained.

In fact, a lot of the professional yachts in Greece are owned by individuals rather than yacht charter companies. The owners charter them out in order to benefit from VAT and other tax advantages.

Often the owner will charter for the minimum number of days required to retain professional status and cover the annual mooring and maintenance costs of the yacht.

If you are prepared to spend time looking around you will find a big difference in the appearance of yachts of the same age, with some looking 'tired' from heavy use while others seem years younger.

THE SURVEY

Having found a yacht you want to buy you should have it surveyed by a professional surveyor. That where I come in! It is not unknown for a charter yacht to suffer major hull damage, be patched up by an unscrupulous owner, and then offered for resale.

"Buyer Beware" should certainly be your motto.

My survey will not only protect you from buying a boat with technical problems but it is also required by most insurance companies. You will pay between 500 - 1000 Euros for a survey.

Link to my fees and costs

GREEK FLAG

99% of Greek professional yachts are Greek-flagged. If the boat is flagged in another country then the rules of that country will apply and you need advice from a qualified broker.

If you are not a Greek citizen or an E.U. citizen resident in Greece you will need to change flag if the boat is intended for private use. You can keep Greek flag if you have a yacht charter business in Greece.

SALES PRICE

We were once advised never to pay a Greek the price he asks for anything, as he will always expect you to bargain...

This is certainly true when it comes to boats. You should be able to negotiate down from the initial asking price. A good survey may give you ammunition for this, as few used boats will be without any defects.

I will be able to advise you what the 'going rate' is for the type of yacht you are interested in.

Some brokers in Greece do not work on a fixed commission basis. They will agree a price with the owner that he/she will accept. They then try to obtain as high a price as possible from the purchaser. Their commission is the difference. The extra they add to the 'owner's price' can be quite considerable and leaves plenty of scope for negotiation.

VAT

These rules are changing after Brexit so check out the RYA site for the latest news. Greek professional yachts will have been purchased VAT exempt. If you are an E.U. national, you will be required to pay VAT on the current value of the yacht in addition to the purchase price.

The VAT rate in Greece is 24% but often you can negotiate with the Seller and it is not unknown for deals to be reached where you pay only an additional 5% and the Seller handles the payment of the remaining VAT.

You may be exempted from payment of VAT if you are involved in commercial activity that includes yacht chartering.

If you are not an E.U. Citizen you will not need to pay the outstanding VAT, but you will require the yacht to be custom cleared from the E.U. This takes several days and costs about 900 Euro.

TYPICAL PURCHASE PROCEDURE

Having found a yacht, you negotiate a price with the broker and reach an agreement. You should be supplied with an inventory for the yacht so you know exactly what is included in the sale.

You may need a solicitor to act for you during the sale. Your solicitor will protect you by ensuring that there are no encumbrances or debts on the yacht, and that the ownership situation and titles are clear.

The solicitor will prepare an M.O.A. (Memorandum of Agreement) stating all the details of the transaction, including terms, dates and payments, and what comes with the boat. This Memorandum should be conditional on a survey. The M.O.A. is signed by both Buyer and Seller.

You arrange a survey of the yacht and, on the basis of this, either agree the price, re-negotiate, or in some cases the wisest action may be to walk away!

You normally pay a deposit of 10-20% of the purchase price to your solicitor as soon as possible in order to have a legally binding agreement. Your solicitor will pay this to the seller after all the necessary documents have been handed over to him.

You must send the balance of the purchase price to the solicitor in time to comply with the provisions negotiated when drafting the Memorandum of Agreement. The solicitor will pay the full purchase price to the seller only after he has made sure that all legal and tax requirements have been taken care of by the seller and after all required documents have been handed over to him by the seller.

As part of the sales process the yacht will be deleted from the Greek registry. Upon deletion an official ownership certificate will be issued from the Hellenic Registrar of Shipping. The certificate will confirm that the boat is free from encumbrances and liens.

In the meantime you can arrange registration for the boat in your country.

After completion of all the paperwork you can take over your boat here in Greece or you can arrange to have it delivered to wherever you intend to keep her.

You can only sail your yacht after a Bill of Sale has been issued and officially signed by both Seller and Buyer and the Deletion Certificate has been issued. Buying a yacht can be a fairly lengthy and bureaucratic process here in Greece but many of the procedures are there to safeguard your interests and ensure the yacht is free of debts or any other financial burdens.

Do not be tempted to take any shortcuts or accept any bits of paper presented to you by an eager seller supposedly to speed up the process. Obviously if your buying through a professional Yacht Broker the route to your new yacht will be a simpler process. 

Looking for that Survey, need some help? Want to chat? Drop me a message. 

We provide a range of Marine Surveys including Pre-Purchase Surveys, Hull Surveys, Systems Surveys, Sea Trials, Insurance Surveys, Damage Surveys, Valuation Reports and Finance Surveys. With many years of experience representing interests of both Purchaser and Vendor, we are fully aware of the problems which may arise in the process of purchasing a vessel.

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Greece Office: +30 2273 022036

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WhatsApp: +44 7407705579

 

Email: steventruss1@aol.com

List of Yacht Surveyors working in the Ionian Islands

 I will be working in the Ionian Islands for a week from the 18th January 2021 Surveying three Yachts. Do you require a 'Walk Through Survey' when I am in Lefkada, Preveza and Nidri? 

This type of 'Walk Through Survey' is normally commissioned by a prospective purchaser of a vessel to determine her General Condition and Market value based on strictly defined assumptions. Because this type of inspection is brief and defects are not investigated or defined, caveats are included in the report. I can also take some high definition video of machinery and systems often overlooked by the Yacht Broker. 

Information about the Ionian Area

Consisting of seven islands in the Ionian Sea, the Ionian Islands are Corfu, Paxi, Lefkas, Kefallonia, Ithaki, Zakynthos, and Kythira. Kythira is the most available island, especially if you are traveling from Peloponnese to the islands. Among these seven islands there are many yachts for sale. If you are looking to buy a yacht in Greece, there really is no more beautiful spot that the Ionian Area.

Ionian Marinas

Lefkas Marina, situated on the island of Lefkas, in the town of Lefkas, is a natural spot for many owners. It is surrounded by crystal blue waters, and as the marina continues to grow, there are more and more places for yacht sales. The area is connected to Athens by a bridge, making it easier than ever to buy a yacht and keep it in Lefkas while living in Athens. Plus, around the island, there is plenty of open water, perfect for trying out your new yacht.

Corfu, while still close to mainland Greece, allows the enthusiastic yachtsman plenty of room to roam, as well as plenty of places to let down his anchor. The Gouvia Marina is ideally situated for accommodating live aboard yachts. The marina now provides a seaplane services, which links not only the islands together, but also the islands to mainland Greece.

Igoumenitsa has the greatest number of yachts for sale, and lies opposite Corfu across the bay. This port, along with several other ports, is part of the ferry route to Italy. This village and Sagiada to the north are frequented by Corfu yachters on day trips.

Preveza and Aktio have the longest breadth of yacht facilities in the area. The ports are close to the airports, and the boatyards themselves have a number of yachts for sale. 

Another popular region in the Ionian area is the Nidri and Vlicho, just a few kilometers south of Lefkas. It provides plenty of boatyard room for live-aboard patrons, charter boats, and those looking to buy or sell a yacht.

Click the link  ‘Yachts For Sale in Greece’  by Williams & Smithells

That 'Walk Through Survey'? 

Message me at steventruss1@aol.com

Latest Marine Surveys in Greece

I will be working in the areas of Lefkada, Nidri and Preveza for one week starting from Monday 18th January 2021, so if you are looking at purchasing a Yacht in the Ionian area over this period please drop me a message below.  

I provide a range of Marine Surveys including Pre-Purchase Surveys, Hull Surveys, Systems Surveys, Sea Trials, Insurance Surveys, Damage Surveys, Valuation Reports and Finance Surveys. With many years of experience representing interests of both Purchaser and Vendor, I am fully aware of the problems which may arise in the process of purchasing a vessel.

Thinking of buying a Yacht in Greece and require a Survey. Need advice? Drop me a quick message!  

steventruss1@aol.com