The purchaser of 'Papillon' will have the right to the lease of the mooring spot. (This will be transferred in a separate document with British Waterways which is prepared by the current owner).
The current fees are £7,855 per annum. This can be paid to British Waterways in monthly installments or as a lump sum, in which you will receive a 10% discount bringing the amount down to £7,069.50. This is inclusive of your council tax and water.
Note: this fee has been paid up until August 2008 and is included in the total cost of the boat.
Just like real estate, the right to this lease increases in value yearly and you will see capital growth in this, thus the value of the boat will increase as does the real estate market. The expectation is that this will continue to increase rapidly due to the redevelopment and improvement of Kings Cross.
All boats operating on British Canals are required to be registered with British Waterways and a yearly licencing fee must be paid. This fee is £560.00 per annum.
Note: this fee has been paid up until November 2008 and is included in the total cost of the boat.
