SHARE FOR SALE IN NARROWBOAT

CHAMPION

BASED AT REEDLEY MARINA ON THE LEEDS & LIVERPOOL CANAL

FREQUENTLY ASKED QUESTIONS ABOUT SHARED OWNERSHIP

Why shouldn't I buy a boat for myself?

     There are several reasons for not buying your own boat, the biggest reason being the initial capital

      outlay. Then there is the cost of the mooring, licensing, insurance and the maintenance. As the sole

      owner of a boat you would probably only use it 3 or 4 times a year which is a not advisable as boats

      like to be used otherwise they deteriorate much faster than if they are run regularly.

What advantages are there in shared ownership?

      Shared Ownership is a solution to cater for those who were definitely not going to make use of a boat

      more than 4 weeks a year.

      This system enables you to buy into a far higher quality boat than you may normally be able to afford

      and then to reduce the running costs down to only 8% of what they would be in sole ownership.

How often can we use the boat as a syndicate member?

      Each syndicate member is allocated 4 weeks per year use of the boat. The date of the weeks vary as

      they are drawn for at the AGM of the syndicate. A week each from Spring (March/May), Summer

      (June/Aug), Autumn (Sept/Nov), Winter (Dec/Feb). A feature of this system is that once owners know

      their weeks they can then exchange them with other owners. If you are unable to use your allocated

      week you may either swap with another owner or you can offer the unused time for use by another

      member of your syndicate. As weeks become available under this system you may be able to take up

      unused weeks from other owners, the only additional costs being the diesel and pump outs.

Would I be guaranteed school holiday weeks?

      School holidays are not guaranteed but at the AGM, when the draw takes place, other owners are

      encouraged to co-operate by swapping school holidays that they have drawn with those who

      specifically need them. Many of the owners would rather not have school holidays and if they do draw

      them are happy to swap.

How much is a share going to cost me?

      Each syndicate member pays the share purchase price being asked by the current owner of the share

      and they then contribute to the annual operating costs such as mooring charges, insurance, licence

      etc. and also to each year’s winter maintenance costs. The contribution amounts to 8% for each four

      week shareholding.

How much will my share be worth if I want to sell it?

      This is obviously dependant on supply & demand but over recent years the value has remained fairly

      constant with shares holding their value. An owner selling their share determines the price at which

      they wish to sell.

How long will the syndicate be in existence?

      The syndicate will be in existence for the life of the boat. Being maintained to a high standard the life

      span of the boat is virtually unlimited. Over 90% of the syndicate must be in agreement before the

      boat can be sold so therefore this is unlikely to happen.

Can the boat be hired out or offered for skippered hire?

      Definitely NOT. There must be a share holder on the boat at all times.

What is expected of a syndicate member?

      Each syndicate member is responsible for the boat whilst under his/her control and for any self inflicted

      damage such as broken windows and damage to carpets or upholstery. At the end of each weeks use

      the syndicate member is responsible for refuelling, gassing, pumping out cleani8ng the boat so it is

      completely ready for the next owner.

What happens if the boat has a breakdown?

      If you have a breakdown that you are unable to fix yourself you would contact the boatyard and a

      mechanic will attend to rectify the problem. The cost of this service is invoiced and paid out of

      syndicate funds. As the boat has regular maintenance carried out incidents of this nature will be few

      and far between. Payment for self-inflicted problems will be the responsibility of the syndicate member

      using the boat.