What are the Pro's and con's of shared ownership

[jimbouy]

What are the Pro\'s and con\'s of shared ownership

A pal and I are contemplating shared ownership of a boat next season. Nothing fancy, Colvic 26.. snapdragon ..centaur. Something like that. But I can tell you it would really stretch me to afford it on my own.


We've been sailing together this season on my little L17 and get on well.

Apart from the financial benefits I see other benefits as.

No problems finding crew.

Two of us sharing the responsability of looking after her in the off season.

I also realise the need for some degree of formality in the arrangement.

so I'd be interested to know others experiences and are there example of written agrements avaliable?


Jimbouy


<hr width=100% size=1> "It is a pleasure to give advice, humiliating to need it, normal to ignore it"

 

[milltech]

Re: What are the Pro\'s and con\'s of shared ownership

I did once contemplate doing something like this, but could not get a suitable agreement from the other party. I wanted either him or me to buy the boat outright, and the other party to contribute (say) the loss of interest on the investment value as the sole contribution and then some kind of cost share afterwards.

My intention was to ensure that either party could walk from the arrangement without a long entanglement. I went into business with a man with whom I had more fun cruising than with any other, it was an unmitigated disaster, so even though you feel you've got on so far, money can change everything.


<hr width=100% size=1>John
http://www.on-line-marine.com

 

[Skyva_2]

Re: What are the Pro\'s and con\'s of shared ownership

Jim,

Have shared a boat successfully for 8 years; there are drawbacks but the advantages have been overwhelming.

I have an example agreement based on the RYA form if you PM me; but if you need to resort to the legalities it's too late!

Keith

<hr width=100% size=1>

 

[jimbouy]

Re: What are the Pro\'s and con\'s of shared ownership

Interesting idea.

I want to share the initail purchase cost plus the cost of an agreed list of renovations etc. Then open an account and agree to put x amount a month in.

I'd also like to have some sort of agreement covering either party wishing to get out ... the other gets first chance to buy followed by the open market.






<hr width=100% size=1> "It is a pleasure to give advice, humiliating to need it, normal to ignore it"

 

[jimbouy]

Re: What are the Pro\'s and con\'s of shared ownership

Excellent, that's encouraging. I've pm'd

Jim

<hr width=100% size=1> "It is a pleasure to give advice, humiliating to need it, normal to ignore it"

 

[julianmingham]

Re: What are the Pro\'s and con\'s of shared ownership

I've been a member of a syndicate for several years, and I can thoroughly recomend it. In my case there are 4 of us, and we didn't know each other prior to being in the syndicate.

You definitely need a formal agreement, and I believe there is an example on the RYA web site.

I agree with your advantages and would add an additional one - cruising in the summer can be made much easier by one of the owners doing a delivery trip, e.g to the west country or France, and then other owners are then free to jump on board for a family holiday without worrying about getting there.

The only disadvantage that springs to mind is what happens when somebody wants to leave the syndicate - it can be diffficult to find the right people.

Julian

<hr width=100% size=1>

 

[jimbouy]

Re: What are the Pro\'s and con\'s of shared ownership

i think the rya example is in the mebers only section, unless anyone knows otherwise.

<hr width=100% size=1> "It is a pleasure to give advice, humiliating to need it, normal to ignore it"

 

[WayneS]

Re: What are the Pro\'s and con\'s of shared ownership

I have the RYA doc on email. PM me your add and I will send it to you.

Wayne

<hr width=100% size=1>

 

[Roberto]

Re: What are the Pro\'s and con\'s of shared ownership

One very positive fact I found most interesting in the past is that having often a limited amount of holidays, the various owners can form 2-3-4 crews who can sail in turns the boat to distant shores: each year a new cruising area which would be impossible or very difficult to reach if you were alone.

Besides, the boat always sails, which is good for her health!





<hr width=100% size=1>

 

[ongolo]

Re: What are the Pro\'s and con\'s of shared ownership

I have posted another related question on buttle scutt or whatever.

Its about an exchange program for crewing on other peoples boat in other parts of the world.

Any opinion on that one?

regards ongolo


<hr width=100% size=1>So what......... it floats