Boat sharing with friends

[dovekie]

I wonder if anybody can offer any insights on this.

We have had our boat for 20 odd years - an Ohlson 38 - and are thinking of selling because although we use it, we don't use it enough to justify the berthing and running costs. At which point 2 lifelong friends - experienced sailors - have had good think and asked if we wish to boat share. They would buy in, running costs would be shared, as would use.

This appeals to us, our costs drop, we keep the use of a boat we know and trust. We all think there needs to be clear (legal) agreement covering costs, time of use, how decsions are taken etc, and good insurance.

Has anyone out there done this. Any advice on how to make it work and what to look for?

Jon

 

[Whitelighter]

My parents did it successfully for 25 years, from 1978 to 2003. The shared with the same couple, friends before the boat share and friends after. Also included buying two new boats during that time.

Can work brilliantly if you get the right people and set out the boundries at the start.

 

[Skyva_2]

We did it for 10 years, with 3 then 2 partners, it worked well, sharing costs and effort. There can be minor hassles, it's inevitable, but the trade off is well worth while. You need an agreement, but if you call on it it is too late!

The major hurdle is what happens when one wants to sell their share.

PM me with your email address if you would like a word copy of the RYA draft agreement.

 

[Whitelighter]

Agree on the agreement. My parent always had the rule that if one person wanted to sell their share the other partner had the option to by it at market rate, or the boat was sold and the proceeds devided. The option to sell your share to another unknown person is, IMHO, not viable.

 

[MoodySabre]

We did it with friends for about 5 years. Had an agreement and no problems in that direction. The difficult bit was we are more spontaneous than them (we are all retired) so I'd feel obliged to ring them up if we fancied a day sail to make sure they weren't thinking the same thing - they used it so little (3 daysails one season) that I couldn't ask them to spend money upgrading anything. So in the end we finished the sharing and bought our own bigger boat and invite them out now and again. Still friends and the boat is kept as I want it.

Other than spontaniety it can work well.

 

[PeterGee]

Had tried it and it was a nightmare!!

Just joking, the guy I share with is a forumite! (Now see if he replies!!)

It works very well for us. We are on the second boat having started this about 5 years ago.

Key things to me are:

* How do you all use the boat. We have same kind of usage and to an extent attitude

* Can you be sure upkeep and maintenance won't cause issues - We definitely have a different focus to each other, but always have in mind you are borrowing half a boat!

* Can finances be managed? We have a way too relaxed attitude to be honest, but the key thing is that despite buying a new boat, engine for the old boat, sails, loads of electronics, finance has never been an issue for us

Things we need to do better to ensure we don't have issues are finance. To that extent we do intend setting up a shared account for capital expenses.

Hope that helps.

Peter

 

[asj1]

Agree with previous posts, boat sharing the obvious way to go as few people use their boar enough to justify sole ownership.
On the question of finances, an agreed monthly budget in a seperate bank account is a good idea with the level set such that it covers all running costs plus an agreed schedule of upgrades.
We then also agree that each owner pays a small daily useage fee into a cash kitty kept on board which is then used to pay for diesel and other small running costs. This avoids one party feeling they have always picked up the tab for gas or diesel etc.

Regards

 

[emnick]

I am in a share at the moment, its a 4 way syndicate. I think it works really well. I would not however go more than 4 ways. The only reason I would leave would be to get more sailing time. We have in the past extended our cruising area. One person may take yacht to CI, other take it on from there etc. Bit of a pain not being able to make the boat home and removing all your gear each trip but yes it works very well.

 

[Sailfree]

If you don't need the capital just share the running costs. Work out the budget each year and ask them in advance for their share that way you can still decide on standards of maintenance new GPS, Flares etc down to replacing the stained cushion!

Problems are when different perps want to maintain to different standards.

 

[dunedin]

Can work very well

One challenge though if one partner previously owned the boat, they need to make a big and conscious effort to stop thinking as "their" boat. Tends to work better with a differnt boat altogether with no "previous"

 

[Topcat47]

Mike Green (The art of course cruising) says "Never share with a friend. Better to share with a hated rival. That way, anything that goes wrong (and it will) will only serve to feed the grudge, rather than spoil a perfectly good friendship."

 

[Koeketiene]

Good quote - like it /forums/images/graemlins/grin.gif

 

[Sixpence]

You might like to pass that to Brendan /forums/images/graemlins/blush.gif /forums/images/graemlins/wink.gif

 

[Koeketiene]

Still not talking? /forums/images/graemlins/shocked.gif

 

[Sixpence]

He's doing his usual , take a pot shot and try winding me up , nearly got Louise out of bed last night to tell him off again /forums/images/graemlins/shocked.gif down in the for sale forum /forums/images/graemlins/wink.gif

 

[dovekie]

Thank you all for your comments and time. I think we shall go for it if we can get a mutuably acceptable "pre-nuptual ageement"! It's a good point about having to change my own mindset that this is my boat.

Thanks again.

 

[jezjez]

I share with my dad, probably not so dificult. In fact, i take care of all the expenses and he put up half the value. We tend to sail together once a week. A few years ago he owned the boat and paid for everything.
How about introducing your son / father as a partner. Or other family member: sister/ brother? Often best partner i'd have thought.
When he retired we shared the boat costs. Once I was earning more and him less we swapped financial roles without any need for anything more than a discussion of circumstances. A little pay back from me to him for all those boating years plus he can carry on sailing without worrying about money for that luxury boat.

 

[MarkG]

You might like to look on the RYA website. They have 3 docs you can download that cover different aspects of joint / co ownership.

On the personal side I've been in Co ownership with a sailing friend for 5 years now, we've been sailing for 20 + years, and other than the occasional 'GRRR' at each other, we tend to get on fine ...

Good luck and hope it works out.

 

[segarrett]

Have a look at this web site, http://www.yours2share.com/static/details.shtml

As said on other replies, the agreement is critical. By the time you've discussed and agreed all the aspects, you will probably have lost the "my boat" view. Once the contract is signed, you may rarely if ever look at it again as it is all sorted out. The biggest danger with friends sharing is that they don't discuss and agree everything. The contract is proof that you've done this.

Good luck, it should work well.