Selling half a boat?

[gr1mb0]

Sadly, the "cost vs. time available to use the boat" equation is proving difficult -- brought into focus by imminent £2000+ dry stack fees!

Much as I'd like to keep the boat, it looks like I'll need to sell -- but it occurs to me that one way out might be to sell half the boat... this way I'd pretty much be able to use it as much as I ever have, but will have several thousand in the pocket and only half the running costs.

I've seen syndicates for large boats, but is this really feasible for a sports boat?

If so, are there are 'off the shelf' legal frameworks for this sort of thing -or do I have to go pay a lawyer (assuming I can find a buyer?).

Has anyone else considered/done this?

 

[PeteCooper]

The RYA can provide documentation for boat share.

 

[mjf]

If its part 1 Reg the ownership is stated in 1/64ths. As indicated on the Cert of Registry.

So you can split that any which way and its the definate proof of ownership you will ever need.

 

[Lakesailor]

I'll have the bit with the motor in.

 

[itsonlymoney]

A friend of mine did just this with a 24' ish sorts boat. He actually made money on the deal eventually being able to buy a brand new Galeon flybridge. To cut a long story short he sold a share then bought it back and sold it again to someone else making money on each deal. Ended up effectively having bought the boat for nowt. Always retaining his every other week use.
Ian

 

[enterprise]

Tried this with a friend, be prepared it's not a bed of rosses.

Seems every time you want the boat either something is broken or the other party has it.
Running costs & maintenance were fine but just wait untill they need to sell or want to trade up.
This leaves you to buy back half when it may not be convenient or at an inflated price, or to sell your half & leave you with no boat.

Ended like this with our previous partnership, ran ok for 7 years but ended on a sour note when the other party needed the money for a car!!

Sell your boat & buy into an established syndicate, you may even be better off.