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Fractional sharing agreements

There are many legal and practical issues to be addressed in a fractional sharing agreement for joint ownership, fractional rental or any other sharing arrangement. To help you we have created template sharing agreements contracts with internet legal document provider Net Lawman. Templates for sharing property, aircraft, horses and boats are already available. First, discuss with your potential sharer how you intend the sharing agreement to work in practice. You do need to do this in detail, not a short email message. The template agreements we provide will also give you ideas. It is also a good idea at this stage to weigh up the personality of the person with whom you are proposing to share. If the relationship does not seem right, then walk away from the sharing agreement immediately and find someone else. Read a personal view of boat sharing; many of the points apply to sharing any major asset, particularly the importance of picking your partners with care. Every situation is unique and the issues raised below are the some of the most common issues to arise but we cannot possibly cover every aspect of every sharing arrangment, with every type of asset in every country. You must ensure that you have agreed and documented everything to your satisfaction. If you lose money as a result of attempting to set up or entering into a sharing agreement or syndicate, yours2share has no liability for your costs. yours2share is simply the "matchmaker". The information on this page, and the whole of the yours2share website, is based upon the laws in England and Wales only. However the law in Scotland and Northern Ireland is similar. The laws on joint ownership and renting, both of property (buildings and land) and possessions (chattels or personal property) vary from country to country. You need to get independent professional advice on both legal and financial aspects specific to that country. Make sure that there is a legal and financial framework for the sharing agreement you are contemplating that protects you properly. For professional advice about fractional ownership property in the UK or overseas, yours2share has arranged a special price with industry leader Best Group for an initial consultation. For further information, please contact us.

Guidance on fractional ownership, fractional rental and sharing agreements. Fractional or joint ownership (all types of asset) Fractional or joint ownership specifically relating to property/real estate      Is there any limit on the number of joint owners of property?      How does fractional ownership (joint ownership) of property work?      Do I need a Home information Pack if I'm selling a share in a property?      Do I have to pay stamp duty on the value of the share or the whole property?      How can fractional ownership (joint ownership) be financed?      If I want to buy part of an existing asset, how do I know that the sharer owns it?      In depth look at fractional ownership, particularly in the USA      Comparison of fractional ownership, timeshare, private residence clubs etc Investments and investors      How does the cost of sharing compare with buying outright or hiring?      Can I simply be an investor?      Can investors share with "new" buyers? Legal advice      Templates for sharing property, boats, horses and aircraft      Obtaining the right fractional documentation?      What are the possible sharing agreements available?      What documentation is required? Sharing pets - particularly horses and dogs Fractional or flexible rental      Fractional or fractional renting of property: lease or a licence?      Is this rental income taxed?      If I offer extra services such as meals or laundry, are these also taxed?      Do I need different household insurance?      Is my council tax affected?      Does a TV in the tenants room require a separate TV licence?      If I rent property fractionally, what are my health & safety responsibilities      Who needs to be told if I rent a room in my property?      Do I need to keep records? What issues need to be covered in a Trust Deed (or Declaration of Trust) or sharing agreement for any asset? Part 1 Ownership, exit strategy and costs      Who owns what? (joint ownership only)      Disaster scenarios and exit strategy (joint ownership only)?      What costs are involved?      What if the asset is damaged or stolen whilst in use?      What happens to my no claims bonus if there is a claim?      Are there minimum qualifications for sharers?      Is fractional ownership the same as a collective investment scheme? Part 2 Use of the asset      Usage      Can the asset be used by anyone other than the sharers (and their families)?      Areas for the sole use of each sharer and common areas      Are there any other rules of use? Part 3 Fittings, handover and condition reports      Furniture, fixtures and fittings      Handover      Checklists      Condition reports Part 4 Meetings and disputes      Regular meetings      Disputes and arbitration

Version 1.4 January 2008

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