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How does shared
ownership work?
With shared ownership you have all the advantages of owning your own
yacht but with the costs (and usage) spread amongst the syndicate
members. This means you can save up to 75% of the costs of sole
ownership. Shared ownership is also known as Syndicate or Fractional
ownership.
Who owns the boat?
Ownership is divided amongst syndicate members according to your share
holding which is normally 25%.
How many members are there in each syndicate?
We operate 4 member syndicates. You get 12 weeks usage of the yacht per
year plus maintenance down time.
How does the scheme work?
We create a specification for a new sailing yacht which we then
advertise to recruit syndicate members. When we have a suitable
syndicate we place an order for the boat and when it is ready, we
transfer ownership to the syndicate members. Sailing is allocated on an
equal time share basis. You will be responsible for purchasing your
share of the yacht as well as paying regular monthly costs during the
life of the agreement. Should an overwhelming majority of the syndicate
decide to end the scheme, the yacht will be sold, the proceeds spread
amongst the syndicate members and the syndicate dissolved.
What are the costs?
You must purchase an initial share holding in a yacht then contribute to
a fund for on-going costs such as berthing fees, annual winter lay-up
costs etc. Plus you will be responsible for incidental costs such as
fuel and minor breakages during your allocated time slot.
How often can we use
the boat?
Each shareholder is
allocated 12 weeks use spread evenly throughout the year. The concept is
based on the syndicate members being joint owners of the boat and
sharing the year between them on a rotation basis (one week in four).
However, for those who want longer cruising (more than a week at a time)
there is no reason why, with agreement, you cannot swap weeks with
another syndicate member or use unwanted weeks of other members of the
syndicate during the year.
What happens if I
can’t use the boat when it is my turn?
You can try and swap
weeks with another syndicate member or if Anglia Sea Ventures is able to
use the boat, will pay you a daily rate for us to use it for RYA
Training and Skippered Charter.
How are the weeks
allocated?
Each shareholder is
allocated one in every 4 weeks on a rotation basis giving 12 weeks use
per year spread evenly across the year (plus 1 week down time each for
maintenance). Each year your start week is advanced by one week so you
will get different weeks each year.
Can I have two weeks
together?
Yes, you can achieve
this by swapping your weeks around with other owners, either at the AGM
or at any time during the year over the telephone. Just advise the Admin
Office of any changes to your allocation of weeks.
How long do the
Syndicates stay in existence?
There is no fixed
time for the life of a Syndicate. The life span of these boats is
unlimited because they have all been very well built and are receiving
regular weekly maintenance during their life. They are cleaned weekly,
kept well aired and warm and undergo an annual maintenance programme.
Three out of four syndicate members must be in agreement before the boat
can be sold. If such a decision is taken the boat will be offered on the
open market via Anglia Sea Ventures, and receipts from the sale would be
split between the owners in proportion to their shareholding.
Can I sell my share
in the boat?
You can sell your
share at any time after the first year. Anglia Sea Ventures have right
of first refusal, i.e. we would like you to offer it to us first at a
fair market price. This will be much faster than trying to sell a share
of a boat on the open market. If we do not want it ourselves we will
arrange for it to be sold on the open market via a local brokerage
(normal brokerage fees will apply)
How are costs
allocated?
Every owner will
contribute to the annual operating costs such as mooring charges,
insurance etc. and also to each year’s winter maintenance costs. Winter
maintenance costs vary each year in accordance with a pre-determined
schedule. The contribution amounts to 25% for each shareholding and
details of the costs are available on request which gives an indication
of ongoing annual expenditure.
How many names can I
have on my Share Certificate?
Up to four people
can be named on a share certificate for your share. Please note that one
named owner must be with the boat at all times.
Is there a Syndicate
Agreement?
A formal agreement
is drawn up between each owner and Anglia Sea Ventures as the management
company. This is designed to protect the interests of all the owners and
covers points that can arise in the operation of the Syndicate. It has
been designed to be fair, non-contentious and to protect the interests
of members of the Syndicate.
Who looks after the
boats?
We contract with the
Haven Marina Ipswich for the provision of permanent moorings,
operational and engineering support, and maintenance and service of the
boats. We also arrange for a predetermined winter maintenance programme
to be carried out annually.
Will I meet other
members of the Syndicate?
Each year owners
meet at the Annual General Meeting for the Syndicate. Formal discussions
take place and the allocation of weeks for future use of the boat is
undertaken. It is also an opportunity to get to know fellow owners in a
social setting over a meal and a drink. Each member is provided with
details of other members of their own Syndicate.
Can I take friends
along with me?
Yes of course you
may, just as if you were the sole owner of the boat. The only
restriction is that you or a named shareholder must be with the boat at
all times as you will have the responsibility for it.
May the boat be
hired out or offered for skippered hire?
You may invite
Anglia Sea Ventures to use the boat for our RYA Training and Skippered
charter activities during any unwanted time slots you have. Only our own
highly competent and qualified instructors and skippers will be in
charge making damage or accidents extremely unlikely. The income paid to
you helps subsidise an already low cost of ownership. You cannot use the
boat for hire or reward through another charter operator other than
Anglia Sea Ventures.
Where will the boat
be based?
We require the boat
to be based at the Ipswich Haven Marina on the River Orwell in Suffolk.
Where can I go with
the boat?
You can go anywhere
within the limits specified in the insurance policy which covers the
southern North sea down to the West coast in France (Elbe to Brest)
What is expected?
Every syndicate
member is responsible for the boat whilst it is under his/her control
and for any self inflicted damage such a scratches, damage to the
upholstery and broken windows. Any general problems or regular wear and
tear that arise will be covered by the Syndicate fund. At the end of
each turn you are responsible for fuelling, and cleaning the boat so
that is left spick and span for the next owner. You can by prior
arrangement pay for this service to be carried out.
What happens if the
boat has a breakdown?
If you are on the
boat and you have a breakdown that you are unable to fix yourself, you
should contact Anglia Sea Ventures. Once the breakdown has been
rectified the cost would be billed to the Admin Office for payment out
of the Syndicate account. In the event that you are a long way from home
base and had to pay cash for the breakdown, this would be reimbursed to
you from a central fund. This fund is set up each year to cover the
costs of breakdowns during the year. With regular maintenance these
should be minimal and any excess funds at the end of the year would be
rolled over to the following year. Payment for self-inflicted damage
will always be the responsibility of each individual member.
What happens if a
Syndicate member breaks any of the rules?
Our Syndicate
Agreement gives clear guidelines as to what happens if there is a
contravention of the rules. The ultimate sanction is that the owner
would be asked to leave the Syndicate.
What inventory is
included on the boat?
The boats are
equipped with a very comprehensive inventory. The only items that are
not supplied are sheets, duvet covers, pillow cases and towels which are
the individual responsibility of each owner for their own trips.
Can I influence the
specification of the boats?
The boats are
ordered to a high specification but if a prospective owner has any
requests they will be considered.
What annual work
will be carried out on the boat?
It is necessary to
have certain tasks undertaken on an annual basis. These include engine
servicing and appliance servicing including the cooker, central heating
boiler and fridge. The gell coat will need to be polished every year.
There is also an annual spring clean to include upholstery. The
organisation of this annual refurbishment programme is our
responsibility.
Who pays the annual
maintenance?
The cost of the
maintenance work is proportional to each member's shareholding. A member
with a quarter share contributes 25% of the annual costs. All the work
carried out is to formally produced schedules.
Are the boats
insured?
The boats must be
are fully insured up to full replacement value. Each owner is
responsible for the excess which is usually between £250 - £500
dependant on the insurance the syndicate has chosen for any damage
caused during his control of the boat. Any claims above this amount are
covered by the boat insurance policy, and there is a third party
liability limit of £1m. There is no cover for personal possessions or
personal accident.
Do you operate a 'no
smoking' policy on the boats?
Yes we do.
Do owners have any
control over operation and administration costs?
Yes, through their
decision making and input at the AGM. Owners are presented annually with
summaries of the income and expenditure for their Syndicate. We put no
mark up of any sort on to any operational or maintenance costs and all
owners share the NET costs.
Do you allow
children and would I be guaranteed school holidays every year?
Children are welcome
as part of your family. School holidays are not guaranteed for any
owner. At the annual allocation, we ask other owners to co-operate by
swapping school holidays with those who specifically need them.
How many shares can
I buy in a boat?
The maximum number
of shares an owner can buy in any one boat is two.
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