Frequently Asked Questions about the shared ownership of narrowboats

Frequently asked questions about the shared ownership of narrowboats

Frequently Asked Questions

about shared ownership of narrowboats

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What is shared boat ownership?

How are the holiday weeks chosen?

In most cases syndicates use either a rotating priority list system or a random draw system,:

The Draw system – the year is divided up into the four seasons. At the syndicate AGM each year, owners draw the weeks at random, according to the number of shares they own, and that decides the week of their holiday in that quarter. Once owners know their weeks, they can then exchange them with other owners. Some syndicates use a rota ladder system which decides the order in which owners draw weeks. If an owner is unable to use any of their selected weeks they may either swap with another owner or 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 extra costs being the diesel and pump outs.

The List system – the shares and their owners are listed in a set sequence which rotates, normally two places each year. For the year in question, the first choice of weeks goes to the owners at the top of the list and then in order down the list. At the end of the year, the two owners at the top of the list drop to the bottom and everyone else moves up. Usually three weeks are selected this way, then owners can ask to use the boat for the remaining free weeks, with the priority from the bottom of the list this time around. Individual syndicates vary in the way these extra weeks are selected. Some syndicates ask owners taking extra weeks to contribute towards the extra routine maintenance that results from an extra week's use.

The Flexi system – this system is used by boats originating from Carefree Cruising. There are 'red weeks' in high season and 'yellow weeks' in spring and autumn plus 'blue weeks' in winter. Owners buy a red week shares if they want high season or school holiday time on the boat or yellow week shares - at a lower cost - if they want spring and autumn cruising. Some blue weeks go with each of these. Within each group, a rotating priority list system operates.

The Fixed week system – this is probably the simplest of all the systems in that a share in the boat is bought with weeks of the year linked to it. This can be an advantage to some owners as it gives certainty about when their boating holiday will be each year. It is the standard system offered by J D Boat Services.

The Ad hoc system – owners consult with each other by email, 'round robin' or in some other way to agree which weeks they will each have. This is used by just a few private, self-managed syndicates.

Are there special arrangements to fit in with school holidays?

Can my family use the boat?

How much does it cost to buy a share?

How can I buy a share?

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

How can I sell a share?

Firstly, check your syndicate agreement. Many syndicates require you to give other owners notice of your intention to sell your share.

If your boat is managed by one of the professional boat management companies ( BCBM Boat Share, Carefree Cruising and Ownashare Cruising) you will be able to use their share brokerage services and they will handle everything for you, including advertising the share for sale, representing you at shows, showing prospective buyers over your boat, negotiating the price and finalising the sale. If you use one of these companies, your share will also be included in the searchable listing on this site, which is the most comprehensive list of narrowboat shares in the UK.

Managed boats with shares for sale through their own management company may also have the opportunity to get the boat into one of the shows and open days that these companies organise, including The Boat Share Show at Braunston on 13th & 14th April 2014. Experience suggests that attendance at shows is one of the most effective ways of selling a share.

Some of the companies restrict their brokerage activities mostly to boats they manage, so your own management company would always be your first port of call when you want to sell your share.

If you are trying to sell a share in a self-managed boat, the options may be more limited. If the reason for selling your share is to upgrade to a newer managed boat, then again your best bet is to talk to the company manging the intended new boat. Even if you're not upgrading, it's always worth asking one of the mangement companies if they can help. Some offer brokerage services for self-managed syndicates on an equal footing with those in their managed boats and, of course, using one of the management companies gets your share listed on this site as well.

The alternative is essentially a DIY option. If you are doing this, you can use a specialist shared ownership website to advertise your share. As far as we know, the only one in this category is boatshare.co.uk (which is completely separate from boatshare4u.co.uk). Any shares in self-managed boats that are advertised on boatshare.co.uk will also be included in the combined listing on this site, making this the most comprehensive list of available shares to be found anywhere.

There are a number of other websites that offer shares for sale alongside other boat sales and there are also 'For sale' sections in some of the forums. Shares have even been offered on ebay. If your boat is moored in a marina with a brokerage based there, then the brokerage may be prepared to offer your share for sale. You should also put a 'Share for sale' sign in the boat windows - and encourage your fellow owners to keep it there when they are on the boat! Unfortunately, it isn't possible to include details of shares offered in such a wide range of places in the combine list of available shares on theis site.

With any of these DIY options (particularly the web-only ones) you are likely to have to show round any prospective buyers, sort out any paperwork and then show the buyers everything they need to know about the boat when they go on their first trip. You will also probably need to get your buyer to sign the syndicate agreement before they can get use of the boat.

For how long would I own the share?

How long will the syndicate be in existence?

How much is having a share going to cost me?

What are the costs of using a management company?

Can I pay monthly?

Can we see if someone isn’t paying their fair share?

What happens if someone doesn’t pay up?

What is expected of a syndicate member?

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

Where will the boat be moored?

Do I need training before using a shared ownership boat?

What happens if the boat has a breakdown?

Why shouldn't I buy a boat for myself?

What advantages are there in shared ownership?

Why should syndicates have their own ‘Syndicate Agreement’ ?

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If you have any information that you think could be included on this site, please let Andrew know. You may know of another base that welcomes shared ownership boats, have experience of a boat handling trainer or have a picture that might make a good page heading.