markjc
New member
I was just wondering how many people are part of a boat share? Good or bad experiences? Be nice to hear them all!
Boat Share
- Thread starter markjc
- Start date
Skysail
Well-known member
I shared for 10 years, with three and then two in the partnership. It worked pretty well with minor irritations. You went sailing when it was your turn despite the forecast, and usually that was fine.
The difficulty came when we wanted to sell, it took an age to get the boat ready.
You need an agreement, the RYA have a model, but if you have to reach for it it is probably too late!
.
The difficulty came when we wanted to sell, it took an age to get the boat ready.
You need an agreement, the RYA have a model, but if you have to reach for it it is probably too late!
.
derekgillard
New member
Boat share
I've been in one for 11 years and it's still going strong. I could never afford a boat on my own so accept this is the only way I can do it. I own 50% and they have 25% each. I get to use it every other weekend from April to October. We put money into an account each month again me 50% and the others 25% each.
I bought the boat with two brothers who I have known in excess of 30 years, however, we have had our moments (it's the brothers who mostly fall out) but in the end of the day we all need it to work.
My issue is the standards I expect and others don't so I at times finish up doing all the work.
For me it works but at times i need to remind myself that without them I would be boatless.
If your thinking of doing it I would say proceed but with caution.
Delbuoy
I've been in one for 11 years and it's still going strong. I could never afford a boat on my own so accept this is the only way I can do it. I own 50% and they have 25% each. I get to use it every other weekend from April to October. We put money into an account each month again me 50% and the others 25% each.
I bought the boat with two brothers who I have known in excess of 30 years, however, we have had our moments (it's the brothers who mostly fall out) but in the end of the day we all need it to work.
My issue is the standards I expect and others don't so I at times finish up doing all the work.
For me it works but at times i need to remind myself that without them I would be boatless.
If your thinking of doing it I would say proceed but with caution.
Delbuoy
davidej
Well-known member
I've been in two boat share with good results - latter one still current.
No formal agreements but a clear verbal understanding of what is involved
No formal agreements but a clear verbal understanding of what is involved
nimbusgb
Active member
Done it with a succession of aircraft and had great experiences and been able to afford the next step up of aircraft. Never had anything but a simple agreement and in several had nothing more than a verbal arrangement.
Bobc
Well-known member
With my last boat, I decided to sell some shares in it, as I wasn't able to use it much.
I ended-up with 2 partners. I got Chris at Yacht Fractions to market it and do all of the paperwork, and it worked really well. As long as you get like-minded people, it should swork fine and it's a great way of having the benefits of ownership without the costs or liabilities.
It's not just the cost-sharing that's good, it's also that there's a few of you to do the annual maintenance together, which makes it all much easier and more fun.
I ended-up with 2 partners. I got Chris at Yacht Fractions to market it and do all of the paperwork, and it worked really well. As long as you get like-minded people, it should swork fine and it's a great way of having the benefits of ownership without the costs or liabilities.
It's not just the cost-sharing that's good, it's also that there's a few of you to do the annual maintenance together, which makes it all much easier and more fun.
rotrax
Well-known member
Hi, our first boat was a one third share. Worked really well for us. Biggest drawback was getting one party to cough up his share of both work and cash. The muted diplomacy of the other partner had little effect so a bit of the old Sarf London " Look 'ere mate - you goin to come across wiv your dosh or wot!" had the desired effect,but had to be repeated frequently for both cash and worktime. That partner departed and the replacement was great-no trouble at all. I would certainly consider a share in another yacht,possibly somewhere warm! Integrity and personality are probably more important than having a fancy agreement-If all patrners are on the ships papers it shouldnt be sold without the agreement of all. Whatever you do-Good Luck.
Mishoo
New member
Where is the popular end of the market for boat share? Is it something like a newish 40ft Bavaria, a roomy Westerly say total value £50 to £60k. Or more of a 1970s 32ft racer/cruiser classic such as Contessa 32 total value £20 to £25k
KenMcCulloch
New member
This summer I formed a syndicate with 2 others and we have bought our shared boat a Rival 38. We spent quite a lot of time talking together and sailing in one or other of the two smaller boats we had between us before reaching an agreement to go ahead. Regular and open discussion, and an open minded attitude are helpful. Reaching clear agreements about things and writing them down are important too we think.
Our syndicate partners are all roughly the same age but have a range of experience from at one extreme a member with extensive experience in a wide range of boats over many years, including Commercial YM work, and at the other one who has been sailing about 3 years, done 2 or 3 charters and for whom this is the first experience of owning a boat. That makes the social dynamics of the partnership quite complex but we just say what we think.
So far so good.
Our syndicate partners are all roughly the same age but have a range of experience from at one extreme a member with extensive experience in a wide range of boats over many years, including Commercial YM work, and at the other one who has been sailing about 3 years, done 2 or 3 charters and for whom this is the first experience of owning a boat. That makes the social dynamics of the partnership quite complex but we just say what we think.
So far so good.
markjc
New member
Thanks everyone, pretty much what I expected to hear, but its always good to actually hear it!
Racecruiser
Member
My partner (boat not life partner) share our Elan 295 and so far all has gone pretty well.
She has one third of capital and running costs and I have two thirds. We would both like to reduce our commitments somewhat (while still ensuring the boat is in good nick for racing and cruising) and would be keen to talk to someone who may want to come in for 2012.
PM me if interested .....
She has one third of capital and running costs and I have two thirds. We would both like to reduce our commitments somewhat (while still ensuring the boat is in good nick for racing and cruising) and would be keen to talk to someone who may want to come in for 2012.
PM me if interested .....
Duffer
New member
My advice would be to share with like-minded people and check that you have similar views on usage and cost. You should definitely have a proper agreement if sharing with strangers.
You should also check out any potential boat carefully, otherwise you may well end up with an ex-charter boat on which VAT has not been paid.
You should also check out any potential boat carefully, otherwise you may well end up with an ex-charter boat on which VAT has not been paid.
KenMcCulloch
New member
I would say you should have a proper (clear and reasonably comprehensive) agreement whether your partners are strangers are not. If you don't like the people and get on reasonably well with them maybe they are not the right partners for you.
Duffer
New member
Yes it doesn't hurt to have a proper agreement in any sharing arrangement. You can always amend it by agreement formally or informally at any time. I'm not sure I follow your second sentence - I tend not to get on well with people I don't like so wouldn't want to share with them.
A decent share agreement will set out the procedure for selling your share (or the whole boat) in the event of deadlock, usually giving a first right of refusal to other existing share-owners. It is of course best to resolve any differences amicably before it gets to this stage. I've known very good sharing arrangements and another which broke down over differences over expenditure which is why it is good to be clear about this from the start.