Try putting it another way: if you were dealing with an estate agent, and agreed to buy a house for £5,000,000, would you simply hand a cheque to the estate agent?
Of course not.
Partner Martin Emmison elaborates:
“Why is this? The main answer is TITLE. Your lawyer's primary task is to determine who is the legal owner of that property, because only the legal owner can pass good title to you.
The same principles apply to buying cars. Only the legal owner of the car can pass title to the buyer. Nonetheless experienced business people frequently pay substantial sums to car-dealing middlemen, without checking that the dealer really has authority to sell the car, and that the money will reach the legal owner, so that title will pass. This is where problems can start.
Martin Emmison specialises in transactions and disputes in the field of collectors cars. Martin’s niche practice deals with domestic and cross border purchases, sales and exchanges of expensive vehicles, including issues of title, provenance, deferred payment and security, import, taxation and registration. The resolution of disputes often relates to transactions that were not properly documented, and disputes about dual identity cars, replicas, fakes and recreations; and problems arising from restoration and race preparation.
Martin maintains close working relationships with knowledgeable lawyers in this field in the USA, Australia, Germany, France, Italy, the Netherlands, Belgium and Switzerland.
In the last five years, Martin has handled transactions involving the following significant cars: Maserati 250F GP cars, A6GCS and 200si; several Ferrari F1 cars, and Ferrari 166MM, 375MM, 196S, 250TR, 250 GTO, 250 SWB, 250GT California Spyder, 250LM, 275GTB, NART Spyder and F40/F50 models; Lancia D24 and B24 Spyders; Bizzarrini A3/C, OSCA, and Lamborghini Miura; Jaguar C and D-Types, XKSS, XK120, E-Type Lightweight; AC Cobra and Daytona Coupe; Aston Martin DBR1, DBR2, DB3S and DB4GT Zagato; Porsche 804, 917, 911S/T, 908 and 904/6; Ford GT40, Gulf Mirage, Lola T70 and McLaren F1 GT; and among pre-war models Delage, Alfa Romeo 8C/2300 and 8C/2900, Bentley, Rolls Royce Silver Ghost and Bugatti Royale and T57s Atlantique.
An article "Collector Car Funds: Is this the next market development?" First published in Sports Car Market, August 2011
"When is a Speed Six Not a Speed Six?" First published in Sports Car Market, February 2011.
“You Bend it – You Mend it” – an article about sharing racing cars, first published in Historic Motor Racing News, December 2010.
An article addressing disputes over "dual-identity" historic cars. First published in Sports Car Market, June 2010.
“Straight Torque: why do you need a lawyer to buy a collectors car?” First published on Mondaq, 2009.
An article about buying a car within the EEC. First published in Sports Car Market, October 2009.
An article about the Historic Technical Passport needed to race a car in FIA events in Europe. First published in Sports Car Market, June 2006.
An article about the disputed history of the two Jaguar C-Types, both claiming identity as the original chassis number XKC 023. First published in Sports Car Market, June 2004.
Click here to view photos from previous events. Adobe Flash Player is required to view this presentation.
Click here to view a select range of cars Martin has had dealings with. Adobe Flash Player is required to view this presentation.
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