Experience of none ownership joint use?

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Swanrad2

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Hi

Has anyone ever let part use of their boat for percentage of fees? If so how much charged, i.e. half share half fees, where does the contract come from, any problems?
 
I would reckon that an uneven joint ownership would work out better than 50/50. As the owner majority user contributer you get all the say about how much they use it how much they pay etc. Or if you want to disband the arrangement.
Assuming that the other person is carefull and considerate then a contribution toward costs could be exchanged for boat use in a way that is fairly amicable but not in a way that is a bind on either party. But make sure it is a very uneven partnership so you get all the say. This way it is also easy for the other guy to0 walk away with no great loss.
Do however make a written record (agreement) of his obligations and rights in exchange for his contribution which should be clearly specified.
But as previously stated a one man one boat is the easiest arrangement. You can damage or abuse your own boat with no one to answer to but yourself. And you can choose to fix it or, not, in your own time without pressure or obligation to anyone else. good luck ....olewill
 
Agree with olewill. It's fine when everything is going OK, but as soon as there is a problem, one of you will be upset with the other, or even feel like you've been ripped off.
 
Probably yes if it meant I could also share his wife as well /forums/images/graemlins/grin.gif

Actually we've got a 50:50 ownership arrangement and it works fine. In fact I get a lot more use of the boat than my partner does but he's quite happy with that.
Obviously running costs are not split 50:50 - I probably pay 75-80% of these which reflects my greater use of the boat.
 
Lots of boats are syndicate owned successfully, but then one hasn't got the same love/ ownership feelings for a syndicate boat that you will have for your own pride & joy. I agree with most of the posters that there could be problems. But why not try a limited agreement? Say two weeks "loan" for the cost of part of your mooring fees for example? If it doesn't work don't do it again, you have learned something, if it does, extend it.
Regards Searush, Conwy
 
I benefitted from such an arrangement - I paid half the running costs (mainly marina, liftout and insurance) in return for use of the boat half the time. I also paid 50% of routine maintenance costs, but not major work (i.e. I shared antifoul and engine service, but not the cost of a new sprayhood. Although we did not know each other prior to this arrangement, my first few trips were made with the owner so he gained confidence that I could handle her and that I was trustworthy.

We wrote out a 'contract' but didn't run it past a lawyer so maybe it wouldn't have stood up in court, but it was good enough to establish the ground rules. PM me if you'd like a copy.
 
by "none ownership joint use" I presume the OP doesnt mean syndicate ownership.
Legally you're not allowed to make a profit on the agreement so it makes sense to charge the maintenance costs pro-rata. I would also demand a deposit thats at least equal to the excess on your insurance. I would imagine it'd be best to charge per annum but this would have the downside of you not being able to cancel the agreement until the end of the season.
I've no experience of this type of agreement but have always thought it's a good idea (at least from the perspective of the non-owning user).
 
My insurance broker warned me against it. Better check your plans with yours - you can see where it adds an extra element of risk for the insurer, someone is sailing the boat who doesn't have the same financial interest in keeping her accident free.
 
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