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Minimum Cash Value to Provide Legal Ownership
Apologies, but I could not find a more suitable section for my query.
Many years ago (1970?) I gave away a car (1959 Austin A35, 444 MMF) but did not complete any paperwork other than the transfer of the 'logbook' (V5), the recipient was pleased with the deal and gave me a £3 bottle of red wine!
Today, a friend has agreed to take over my boat which was previously valued at £3,000 but a rat has decimated the interior and I now wish to transfer ownership with an RYA 'Bill-of-Sale' at minimum value.
I believe that I can legally transfer ownership of the craft for £1.00 GBP. Is this correct, or must the 'Bill of Sale' (receipt) be more proportionate to the potential value?
Alan
Many years ago (1970?) I gave away a car (1959 Austin A35, 444 MMF) but did not complete any paperwork other than the transfer of the 'logbook' (V5), the recipient was pleased with the deal and gave me a £3 bottle of red wine!
Today, a friend has agreed to take over my boat which was previously valued at £3,000 but a rat has decimated the interior and I now wish to transfer ownership with an RYA 'Bill-of-Sale' at minimum value.
I believe that I can legally transfer ownership of the craft for £1.00 GBP. Is this correct, or must the 'Bill of Sale' (receipt) be more proportionate to the potential value?
Alan
0
Comments
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There is no minimum.Apologies, but I could not find a more suitable section for my query.
Many years ago (1970?) I gave away a car (1959 Austin A35, 444 MMF) but did not complete any paperwork other than the transfer of the 'logbook' (V5), the recipient was pleased with the deal and gave me a £3 bottle of red wine!
Today, a friend has agreed to take over my boat which was previously valued at £3,000 but a rat has decimated the interior and I now wish to transfer ownership with an RYA 'Bill-of-Sale' at minimum value.
I believe that I can legally transfer ownership of the craft for £1.00 GBP. Is this correct, or must the 'Bill of Sale' (receipt) be more proportionate to the potential value?
Alan
People are always making gifts and 'transferring ownership' at no cost - happens a lot at Christmas time.
If you want to use the YHA Bill Of Sale then perhaps you would be wise to search for their terms.0
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