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SHARE FOR SALE IN MOONLIGHT SHADOW BASED AT BRUNDALL ON THE NORFOLK BROADS |
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FREQUENTLY ASKED QUESTIONS ABOUT SHARED OWNERSHIP |
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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.
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.
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.
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.
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.
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.
The syndicate will be in existence for the life of the boat. Having a GRP hull and 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.
Definitely NOT. There must be a share holder on the boat at all times.
Moonlight Shadow is based at Brooms boatyard in Brundall.
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 cleaning the boat so it is completely ready for the next owner.
If you have a breakdown that you are unable to fix yourself you would contact Brooms 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. |
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Why
shouldn't I buy a boat for myself?|
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