How often can we use the boat?

The amount of time an owner can use the boat, is dependent on the amount of shareholders in that particular boat. Each shareholder is allowed a minimum of four uses per month. Each Member is guaranteed a minimum of one, self selected, weekend day and three week day/night uses every month. Additionally, each Member is entitled to unlimited ’as available’ use on a 24 hour notice basis at no extra cost.

If a Member fails to use their guaranteed four days in one month, they can carry it over to the next month. Time can also be borrowed from a future month. Flexibility allows any combination from a single day to a complete week to be booked.

The concept is based on the Syndicate members being joint owners of the boat and sharing the months between them using the online calendar to select the times they want to use the boat on a month by month basis. This has two advantages. Firstly, no-one is tied to taking the boat out in the same times every month and secondly, it is possible to take the boat out for a minimum of seven times a month. However, for those who want longer cruising there is no reason why, with agreement, you cannot use unwanted days of other members of the Syndicate during the month. It is also possible to swap uses between owners using the online calendar to request a swap.

Can I have two weeks together?

Yes, and this is often achieved in many Syndicates. You will achieve this by swapping your weeks around with other owners, either at the AGM after the draw or at any time during the year over the telephone. Just advise the Admin Office of any changes to your allocation of weeks so that the master chart can be updated.

How long do the Syndicates stay in existence?

There is no fixed time for the life of a Syndicate but this is most certainly NOT one of the five year only schemes. The life span of these boats is virtually unlimited because they have all been very well built and are receiving regular monthly maintenance during their life. They are cleaned monthly, kept well aired and warm and undergo an annual maintenance programme. Replacement of items such as cookers, carpets, upholstery, fridges etc. over the years means that the boats are kept well and truly up to scratch. Over 90% of the Syndicate must be in agreement before the boat can be sold. If such a decision is taken the boat could be offered on the open market by Network Yacht Brokers Swansea, and receipts from the sale would be split between the owners in proportion to their shareholding.

Can I sell my share in the boat?

Owners may offer their shareholding for sale at any time after the first year. The shareholder can do this privately or Network Yacht Brokers Swansea will sell the share on their behalf. It will be offered initially to the other Syndicate members and, if not taken up, the share will be offered at the open days and through ongoing advertising. Network Yacht Brokers charges a small commission of 8% plus VAT for this service. The final choice of the resale share price is the responsibility of the owner after discussion, and advice from Network Yacht Brokers Swansea.

Is there a Syndicate Agreement?

A formal agreement is drawn up between each owner and the syndicate who contract Network Yacht Brokers Swansea, 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?

Network Yacht Brokers Swansea contract with operational bases for the provision of permanent moorings, operational and engineering support, and maintenance and service of the boats. Network Yacht Brokers Swansea also arranges 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 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?

A definite ‘NO’. There must be a shareholder on board the boat at all times and the boat MAY NOT BE HIRED OUT OR OFFERED FOR SKIPPERED HIRE. If however you are unable to use the boat, you may either swap with another owner or, if this is not possible or required, the unused time may be offered for use to another member of your Syndicate through the online calendar. You yourself may also be able to take up unused days from other owners giving you more time on the boat.

Can days be swapped with other members of the Syndicate?

Once the initial allocation has been made each year, members may then swap and change about in order to increase their time allocation or obtain consecutive days. All that is asked of you is that

What are the specifications of the yacht?

Each boat is comprehensively equipped including auto-pilot, heating, electric windlass, galley items and other features that make yachting easy and enjoyable. A full range of safety equipment is provided – Lifejackets, Life raft. Etc.

Why should I not go out and buy a boat for myself?

Apart from the sheer amount of capital outlay, there are several reasons for not being the sole owner of such a boat. These vary from the total responsibility and worry if you have not visited it recently to the actual cost of paying for the moorings, insurance, licensing and maintenance. In our experience boats like to be used - they look brighter, have less operational problems and do not deteriorate as fast if they are used, cleaned and generally moved around throughout the year. It is a fact that most boat owners, unless they are living aboard, use their boats for a maximum of 2-3 weeks per annum. Between 15-20% of our owners buying shares have in fact at some stage been boat owners themselves.

Where can I go with the boat?

The owners are able to organise one way trips between themselves whereby one owner takes the boat on the outward trip, they arrange a point at which to swap over and the second owner returns to the operating base. Any additional charges incurred, such as mooring charges, are the responsibility of the parties involved.

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 an impact / grounding, damage to the carpets or upholstery and broken windows. Any general problems that arise will be covered by the Syndicate fund. At the end of each member’s period the Syndicate member is responsible for fuelling, gassing, pumping-out and cleaning the boat so that is left spick and span for the next owner. At some marinas 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 would make contact with the relevant designated call-out service for that area. If for some unforeseen reason your home boatyard is unable to help you, you should immediately contact the Admin Office.

Once the breakdown has been carried out 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. If an owner breaks an item all an owner has to do is to replace the item on board or leave the money to cover the cost of it.

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 and fridge. There is also a Monthly valet to the superstructure of the boat. The organisation of this annual refurbishment programme is the responsibility of Network Yacht Brokers Swansea.

Who pays the annual maintenance?

The cost of the maintenance work is proportional to each member’s shareholding. All the work carried out is to formally produced schedules and invoiced separately from the operating costs and admin fee.

Are the boats insured?

The boats 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.

Would I be allowed to bring pets?

Yes, only if all members’s of your syndicate agree, but we are afraid you will have to supply your own as we do not provide them. If you have had a pet with you during your week on the boat please remember to allow extra time for your cleaning.

Do you operate a ‘no smoking’ policy on the boats?

No we do not. However, it would appear that only a small percentage of our owners do smoke and most would appear to do it in the open air, either on the fore deck or the back deck. For safety reasons smoking should be avoided below decks

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.

How many shares can I buy in a boat?

The maximum number of shares an owner can buy in any one boat is two. This prevents one person having too much control over decision making in a Syndicate. For those owners wishing to purchase more than two shares they would have to buy them on different boats.