Boat Share/part ownership

[SteveE]

Having read an piece in MBM about boat share/part ownership, I was wondering if it would be worth looking at, as this year we still have not been out yet, and do not want to be boat less.

Does anyone here have experience of boat share/part ownership and are there benefits or pitfalls, to such schemes?

 

[Skyva_2]

Steve,
There many previous threads on this topic, it seems to be gaining in popularity recently,
eg here

http://www.ybw.com/forums/showflat.php?C...rue#Post1410291

if you search all the forums on 'share' you will find more.

It can work well but needs care with the partner and an agreement. The RYA has one or I can send you one if you need - PM me.

 

[ssnape]

I am currently involved in a share ownership syndicate that in my opinion has gone very wrong. I have a one tenth share in a 33 ft flybridge motor cruiser, originally based in Spain, but now returned to UK for sale. The theory of the arrangement was good but in practice but the syndicate package rapidly proved to be a bitter disappointment (and is proving to be quite costly at the moment).
I really do believe that it is possible to operate a syndicate in a manner that would be beneficial to any new interested parties; I am convinced that the boat I have shares in remains as an extremely viable proposition. However, a number of the current shareholders are not interested, so I am left "high and dry" with this particular package. I would be pleased to expand on the issues if you wish to contact me

 

[PowerYachtBlog]

funnily enough 90% whom I have know in a Part Ownership always finished to buy a boat for themselves

 

[Whitelighter]

10 is way too many. Plus it was probably run through a syndicate company, who operate for their benefit, not yours. Boat shares with two or three parties, set up independantly work fine. My parents did this for over twenty years and it was fine all the way

 

[ssnape]

I considered larger numbers would tend to help keep my share of the on-going costs (for up-keep and mooring etc) of the boat somewhat more manageable - especially when budget is a high priority. Also, my available time to spend on board is restricted to around 4 weeks annual leave from work, so a forty week annual split (over the main season/s), and between 10 owners did suit me.

Yes a syndicate company does enter the equation.

Set up independantly - (+20 years of fine all the way)..... I now know what you mean, and I would love to have enjoyed a much longer time than just the few weeks I had on board since becoming a shareholder.... I actually get my degree in hindsight this year!!

 

[Blackfeather]

[ QUOTE ]
so a forty week annual split (over the main season/s), and between 10 owners did suit me.


[/ QUOTE ]

Unfortunately it doesn't quite work that way because you have to be exremely lucky that the weather is good, no-one is ill, work arrangenments don't change etc etc for those precise weeks.

Chances are you'll only get to use, say, 2 weeks, and then you question whether it's cheaper to charter. I'm not saying boatshare is unworkable but I would strongly recommend fewer participants.

 

[Hugo_Andreae]

We've got an interesting tale coming up in the August issue of MBY (out next week) from a reader with a Squadron 52 who opted to sell shares in it through Challenger Syndicates instead of selling it outright. He is now one of six owners of the boat and claims he gets as much use as ever he used to at a fraction of the running costs and capital outlay. Having interviewed the bloke myself I can vouch that he is a very astute businessman with no axe to grind. The syndicate has been up and running for 2 years with all the shares sold. A shame because a Squadron 52 in Mallorca for £60k sounds very appealing.

Hugo

 

[SumWaves]

Well we had a 1/12th share in a challenger sydicate on the THames..The theory great and it is hard to fault on monetary basis but one of the problems was that some part owners started to regard the boat as theirs and added personal items plus when extra weeks were avaialable they somehow were always their
Ed R at Challenger was fair with us when we decided to leave the sydicate but their nothing like owning your own boat its like owning a house and renting a house their are pros and cons and it is what ever suits you