Andrew A sold a 25% share in his 2010 Fairline Phantom 48 based in Cala D’Or, Mallorca, Spain a couple of months ago as a result of an ad posted on yours2share. The current motor yacht share ads are here.
A director in the Healthcare industry, Andrew had already tried two routes to a boat share. Firstly he’d found someone putting together a new syndicate, but for various reasons the group never took off. Secondly he’d looked at the commercial fractional arrangements available in Mallorca, but he disliked having no control over the choice of partners.
Andrew decided to buy a boat outright and then sell shares to bring in partners.
Andrew: “We bought the boat in 2010 and enjoyed the first year on our own, going through the warranty period and checking everything ran perfectly. I placed an ad on yours2share in April 2011 and had six replies of which two were serious.”
The couple who bought the 25% share already own a number of smaller boats all of which are based near their home in Devon. This high level of familiarity with boats was a key advantage to Andrew. The buyers travelled from Devon to Andrew’s home in Kent to meet up and discuss the sharing arrangement.
Andrew: “I used the template contract available from yours2share’s partner Net Lawman and adjusted it. In particular we spelt out in detail the partners’ responsibilities and the numbers of weeks use in each of the high, medium and low seasons in Mallorca.”
The sale went through in September 2011 and both parties have already spent time on their boat. They have a meeting scheduled for November 2011 to discuss the year ahead. Andrew is hoping that his new partner might be interested in increasing their stake in the boat, but if not, he will look to bring in another partner next year.
Andrew: “Ultimately I’d like to buy a larger boat in a few years’ time. Ideally that would be a boat share and I’d be delighted if it was the same partners with whom I share this boat.”