How do I create a boat share?

[amf]

OK, comments on the "Marine feel good factor?" thread have got me thinking.

Bought a 2004 Targa 34 last year which we moor in Port Solent. About 2/3 of value is mortgaged. Big KAD 300's so not exactly frugal on fuel but a fantastic very well spec'ed boat and 40kts+. Running costs/mortgage etc are taking up fair chunk of disposable income.

We are expected first child in Jan next year so first thought (from head) was to sell the boat, as we expect little use of it next year and we will obviously have other "priorities". However we are both having thoughts (from heart) about losing the boat as we have already had some great times on her. We are also hoping to get back into boating maybe within a year or two.

So we were just about to put her on the market - but is setting up a boat share an option? (notice that the heart hasn't given up yet!)

Could I find two other people to share who will pay for the two thirds of the boat that the mortgage company own and then split the costs between the three of us? (or am I looking at this too simplistically?) is it likely to cost me a fortune in legal fees to set up/administer? Any good information anywhere on how you set up a boat share?

Should I let the head or the heart win? /forums/images/graemlins/confused.gif

 

[Whitelighter]

It is a good idea, and as the Traga 34 is a popular boat then should be a market for it. Not going to cost a fortune but you have to set out at the start how time is allocated, what haapens when repairs or upgrades are needed and what happens when one party wants out.

Also, right now it is wholly yours, you have to accept that it will stop being 'your' boat and become part theirs as well.

 

[Nick_H]

well there's two people on the other thread want to go threes on a Targa, so you shouldn't need too much imagination to decide where to start ...

 

[petem]

There's a BMIF form for boat syndicates. I would however have some reservations about taking a share in a boat that has been owned solely by one person. I am sure that AMF is a really laid back guy but some owners in this position may never always regard the boat as being theirs (I know I would). However, a freshly set up syndicate would not have the emorional baggage.

Pete

 

[amf]

[ QUOTE ]
I am sure that AMF is a really laid back guy

[/ QUOTE ]

Virtually horizontal /forums/images/graemlins/wink.gif however take your point. I guess as Jez says, if everything agreed up front and laid out in contract then this should get around most problems?

Don't know the best way of handling self inflicted costs (damage to boat etc) as I guess this could end up in a finger pointing argument?

 

[mjf]

I was talking to a guy on 'D' at PS who has an oldish rag&stick.

They have shared this for many years between 3 people - the guy I know has 50% the other two 25% each. Works a real treat is seems - had new engine couple of years ago and new sail or two last/this year and cost is split accordingly.


He has two weeks of course to the others one but it works very well and everything is done on the phone.

Only issue is taking all your gear off and refuelling when you leave (on a MOBO) would be a PITA - but at 50 - 67+% savings and no bank interest either i guess you could put up with a minor inconvience.


Good Luck!

 

[mainshiptom]

I would not share a bost (tried it once) same as sharing a wife? Never works unless you do not care much for wife/boat?

I put hours of work and love into a boat and do not want some one to undo it, If I damage my boat I fix it, Also would not trust anyone to have boat ready to go out to sea but myself ,


Tom