Shared ownership of Broad Boats Advice needed

[Mandybstorm]

Whilst browsing the boats available for hire I have come across a few shared ownership sites. This is something I have never been aware of until now. It has grabbed my interest as we have been down to the broads a few times now and spent a fortune on hire boats.

 

We love it on the water as we can potter around, look at the wildlife, take photos, walk the dogs and generally chill out.

 

The only thing that would put a  spanner in the works is the fact that on all the ones I've seen the allocated weeks are drawn from a hat. This would not suit us at the moment having a 12 year old that has to attend or we will be fined. Does anyone know of a scheme where we could use our weeks in school holidays? Also the other concern would be the dogs, do any accept dogs? Obviously bringing them along is a big part of why we come to the broads as 99% of kennels are horrendous and I wouldn't subject my worst enemy to them.

 

Does anyone on the forum have experience in this method of ownership or feel able to point us in the direction of someone who does? I would imagine there are scams and pitfalls in this as in most things so any advice welcome.

[ranworthbreeze]

Hello Mandy,

 

There is a number of us on the forum that are involved in Boat Share or Boat Syndicates, I am surprised that you have not heard about them before.

 

Tan & I have been syndicate owners in Ranworth Breeze since 2001 our sister vessel Southern Crusader was launched in 1999/2000. Our syndicate is drawn out of the hat, but you can buy into standard weeks or school weeks. After saying that currently we have no shares for sale. With Southern Crusader you buy a week or weeks which remain the same each year.

 

There are 6 boats that come under the BCBM umbrella which were or are partially or fully managed by BCBM.

These boats are based at Brundall & Wroxham.

Blue Mist, Evening Shadow, Lighting, Moonlight Shadow, Silver Cloud, Thunder.

All of the above boats are standard Broads based cruisers.

I am sure Matt & Sue H will chip in, they have shares in some of the above boats.

Regards

Alan

[Mandybstorm]

Thanks Alan

 

I will take a look at those. This is something we would definitely be interested in. It would have to be during school hols though for the next four years at least until Brandon finishes. Other son Joe now 18 so has become fairly independent. Dog friendly also a must.

 

Look forward to hearing from Matt & Sue as well then. 

 

We seem to be coming down at least two weeks per year at the moment so it would make sense really. We may be able to manage one out of term week if granny stepped in. If anyone knows of any suitable shares for sale please get in touch. Also advice on the legal ins and out welcome, scams to look out for ect..

[ranworthbreeze]

Hi Mandy,

Evening Shadow and Moonlight Shadow are very similar to Swan Royale that you are hiring.

Please see below what Ranworth Breeze and Southern Crusader look like.

Regards

Alan

[Mandybstorm]

Just fired off an enquiry email about the two you mentioned so will wait and see what comes back. I suspect the big issue will be the school holiday thing.

Do you know how willing people normally are to swap weeks? I imagine that the majority of part owners are retired and would prefer to come out of the school holidays or am I just wishful thinking there?

 

 

oooo all excited now! we have been toying with the idea of a motorhome over the past few months but I think this may be a better idea all round. We are ex caravanners, sold when our Freelander died a death.

[Mandybstorm]

Forgot to say Ranworth Breeze looks great, very swish. The sort of thing I would love if I didn't have kids or scabby dogs!!! Maybe one day!

 

 

[ranworthbreeze]

Hi Mandy,

To give you an idea on prices, our last standard share sold for £3800 (this years management fee was fully paid up before the sale) you get two weeks allocation for a single share, Southern Crusader you buy single weeks, the BCBM boats tend to be 3 or 4 weeks allocation so are slightly more expensive to buy into and the management fees will be more per year as well.

To give you an idea our management fees for 2012 were £700 (this was our first year of being self managed) 2013 was £500 and 2014 was £600, these charges were for two weeks on the boat.

Once the share is purchased (that is for the lifetime of the boat/syndicate and of course the share can be sold)you can see the benefit of boat share if you are limited to the time you can spend on the Broads.

A good site to look at is www.boatshare.co.uk, Philip who runs the site has various sections showing the history of boat share, listing of all Canal & Broads syndicates and their websites. there are links to BCBM and wanted/sales sections.

If you want any advice by all means contact me off of list.

Regards

Alan

[SPEEDTRIPLE]

Hi Mandy, i`ve been seriously considering buying into one of the BCBM syndicate boats, because i can`t really justify the sheer anual expense of keeping a boat of our own, so syndicate ownership is the way for us. We`ve looked over several of the BCBM boats, and have to say the owners look after them VERY well.

 

Alan told me about Ranworth Breeze too some while back, but to be honest, that style of cruiser is not suitable for our requirements, passing through the bridges being one of them. As nice a boat as she is, we need more space, and less airdraft.

 

We`re looking at Moonlight Shadow, or Thunder or Lightning (Lightning is Thunders sistership), though Thunder is a little more than i can justify.

 

It may he;p you to know, every time we`ve spoken to any of the syndicate owners, they`re all very happy with the syndicate system, and all look after what is in reality, THEIR own boat.

 

 

Good luck, and kindest regards ......................... Neil.

[littlesprite]

Just a thought!

 

There are 2 forum members in this thread expressing an interest in boat share, there are other members who I've seen in other threads also showing interest, why not get together and start your own syndicate.

I'm sure Alan would share the benefit of his knowledge and if you could get 10 people with say £5000 it could buy a pretty reasonable boat. 

[MauriceMynah]

If ten people were interested, then perhaps Alan would guide them towards getting another (suitable) boat to go in that syndicate!

Would that be reasonable?

[Mandybstorm]

I've started something here haven't i!!! I would be interested if someone who knew what they were doing was involved! The logistics of it all seem very daunting.

I have the money and the inclination just not the know how!!!

[ranworthbreeze]

Oh how do I wish I was not 3 to 4 hours hours away from the Broads or finally retired, I could make a fortune. 

The problem with forming any new syndicate is purchasing a boat before the owners have parted with their purchase fees.

 

10 or 12 people in a syndicate is ideal for the amount of time that each owner would have in allocation  weeks, however the management fee required for each share could be from £1000 to £1400. The average costs we have seen over our management of our boat are around £12000 to £14000 per year.

Yes I know it can be done cheaper but that depends on where the boat is moored, what servicing is done on the boat and what ongoing upgrades you do each year. 

 

An ideal way forward for someone who does not fully use their boat and are thinking of selling is to form a syndicate and share their boat with other people, you already have all the services in place, you already have the boat, why not have help with paying for the costs of running it, just a thought.

 

Yes I will give any of you advice of the do and don't of syndicate ownership.

 

Regards

Alan

[SPEEDTRIPLE]

I've started something here haven't i!!! I would be interested if someone who knew what they were doing was involved! The logistics of it all seem very daunting.

I have the money and the inclination just not the know how!!!

 

 

Personally, although i think it`s a good idea, and can be done, the other way is to get an established management company to do all the leg work, and syndicate owners stump up the cash. I did wonder a little while ago whether it was possible, or feasable, to get somebody like BCBM, or any other management company, to purchase a boat that several possible owners would like, and set up a syndicate. I was thinking about an Aquafibre Lowliner 38 fitted for 4.

 

 

I can see the problems, who else would be interrested, would the management company be interrested, and who would you contract to do the maintainance etc etc etc. It seems to me you`d need somone to do something like re-mortgage their house, or something equally as drastic to get the ball rolling.

 

I seem to remember Clive (CRicko) voiced a slight inquisitiveness when syndicate ownership was mentioned in another thread, so maybe if you`re reading this Clive, is this something Richardsons could branch into?.

 

 

Regards to all ....................... Neil.

[littlesprite]

I think I'm right in saying Alan (Ranworthbreeze) used to be a managed syndicate and problems with the management company persuaded them to go for self management. 

 

Picking up on part of what speedtriple said there is another thought I've had.

 

Approach Clive with the idea of buying one of his boats and reaching an agreement for ongoing maintenance, decision on improvements and upgrades would be down to the members of the syndicate so costs are totally under your control. 

[ranworthbreeze]

Hello Martin,

 

You are quite correct we used to be a Managed syndicate until things started going wrong during the 2011 season, we owners had to start taking control of the situation and were fully managing the syndicate from 2012. The Challenger Syndicates went through a similar situation in 2007 and a number of Broads boats were involved.

 

Regards

Alan 

[webntweb]

Hi Alan. Good to see you keeping enquirers up-to-date on Broads shared ownership boats.

 

Just a slight amendment to one of your posts; Lightning has been self-managed for a few seasons now and the syndicate is running well plus there is an obvious saving on management fees.

 

At present there are two shares for sale starting at £5,500 but like any purchase there may be room for negotiation on the price.

 

Our annual costs work out roughly the same as hiring the equivalent boat for one peak season week, so the other three or four weeks only cost the price of the fuel and pump-outs. Plus there is always the chance of picking up spare weeks (mainly out of season) where the only extra charge is the engineers weekly turnround check of about £45.

 

Roy

[ranworthbreeze]

Hello Roy,

 

Welcome; its good to see you on the friendly forum for a change     

 

Sorry for the inference re the Lightning Syndicate.

Life (boating) is somewhat better when self managed and as you say this reflects in everyones pocket.

 

I do have your share weeks available but will not post them on a open forum.

Have you thought about listing one of the shares on www.boatshare.co.uk, as aready stated Philip who owns the site is quite accommodating (Lightning is already listed there as a share boat) can link banners direct to an advert and most adverts have links to the customers website.

 

When we last spoke we now have a waiting list for available shares on Ranworth Breeze.

 

I hope you continue to have a presence on the forum.

 

Regards

Alan

[littlesprite]

It sounds like Roy is giving another thumbs up for starting your own syndicate.

[webntweb]

Thanks for the welcome Alan.

I think Derek who does the organisational work for Lightning is going to have a word with Philip re an advert on the boatshare website. I know the site has a good record of selling shares in narrowboats and I can't see why it won't work for Broads boats.

 

Martin: Obviously the main drawback in starting your own syndicate is that somebody has to fork out to buy the boat. We are happy with our share in Lightning and hope to be with her for many years to come.

At the moment we are selling our share in our narrowboat (only because the locks are becoming a little too much for us as we approach 70), when that sale is completed I am thinking of canvassing opinion re a shared boat (similar to Lightning) on the Thames.

 

Roy

[Hockham Admiral]

Roy, Hi

A warm "Welcome Aboard" from us.

[SueH]

Morning all.

 

Syndication of anything works for some, but not others.  It relies on everyone pulling their weight and, obviously, taking care of an expensive asset.

 

For those of us who live a fair distance away it is the only way we can get a number of weeks on the broads at a sensible cost. 

 

Do your research as Alan has mentioned and just enjoy, whichever boat you go for ...........

 

SueH

 

   

[webntweb]

Hi John and Mary-Jane and thanks for the welcome.

 

Roy

[CooWee]

Afternoon each and Sue ,

 

Both Sue and I are shareholders with Moonlight Shadow and coincidentally we have just swopped a week.  We have a round trip of 500 miles to get to Norfolk and back, so this method of boating suits us.  For two weeks in January MS is taken out of the water and given a thorough overhaul.  We have a really good mooring site virtually on the River Yare.  The fellow shareholders are a  nice co-operative bunch without a super ego to massage and over the years gradual improvements have made to Moonlight Shadow, which is an Aquafibre Pearl.  Swopping as far as I know is not a real problem and the shareholders try to oblige each other where possible.  I know we have swopped with grandparents who are bringing on grandchildred.  Dogs are allowed, we have one.  Oh, and Alan has probably forgotten more than I will ever know regarding shareholding.  Good luck with your decision Mandybstorm.

[SPEEDTRIPLE]

Hi Alan. Good to see you keeping enquirers up-to-date on Broads shared ownership boats.

 

Just a slight amendment to one of your posts; Lightning has been self-managed for a few seasons now and the syndicate is running well plus there is an obvious saving on management fees.

 

At present there are two shares for sale starting at £5,500 but like any purchase there may be room for negotiation on the price.

 

Our annual costs work out roughly the same as hiring the equivalent boat for one peak season week, so the other three or four weeks only cost the price of the fuel and pump-outs. Plus there is always the chance of picking up spare weeks (mainly out of season) where the only extra charge is the engineers weekly turnround check of about £45.

 

Roy

 

 

 

Hi Roy,  PM Sent re the sale of Lightning shares for sale.

 

 

Regards and best wishes ............................... Neil

[webntweb]

Hi Neil, thanks for your PM. I have replied and passed your details to Lightning's syndicate organiser

 

Roy