Fed up with boat maintenance and the ever-increasing cost of berthing and insurance? Now could be the time to consider boating on demand with a boatshare, fractional, or charter ownership scheme says Sue Pelling.
Visit any marina and you’ll notice a large percentage of privately owned yachts hardly ever go anywhere. They sit there for years deteriorating, and after a huge amount of owners’ expense they eventually get sold off at great financial loss.
This sad trend in boat ownership has prompted a growing interest in yacht chartering or sharing, not dissimilar to the popular trend of loaning a car rather than buying. Thankfully, with a steady flow of companies now operating fractional/shared ownership, and gym-style club membership schemes, this is an idea that looks set to grow.
Why Chose a Yacht Ownership Scheme?
As well as not having the huge expense of purchase, upkeep, maintenance, and insurance and all the potential stress that goes with owning a boat, chartering schemes give you that instant gratification – the opportunity to sail a range of hi-spec, snazzy yachts that you can just step aboard, sail, and hand back when you’ve finished. Naturally there are financial implications to consider, but if you work out the cost of keeping a boat versus how many times you are likely to sail during the year, it is worthy of consideration.
Yacht Ownership Scheme Options
There are several types of shared yacht ownership/usage schemes to consider including charter company shared ownership, syndicates, and gym-style membership schemes. Pure Latitude is a classic gym-style scheme that has been around since 2007, offering three levels of membership – Discover, Explorer, Freedom – allowing you a choice of boats (three, seven, or the use of all boats within the company’s fleet) within the monthly membership fee.
Based in Hamble and Lymington, plus additional locations in Plymouth and Windsor, Pure Latitude, like most boat share/charter schemes, require qualifications. You’ll need your RYA day skipper theory and practical certificates plus five days skippering experience in UK tidal waters. The good news is Pure Latitude has it covered because it’s also a sail training school so you can train there, improve your skills and get qualified. Also, even if you are new to sailing and don’t particularly want to be in charge of a boat, there are plenty of options to sail with other members within the Pure Latitude crew membership plan.
Commenting on the success of the company and the growing demand for ‘pay and play’ style sailing, Martin Gray – owner Pure Latitude – said: “We are delighted by the growth of our membership in recent years – driven in part by the macro climate and the spiralling costs of boat ownership. To see an increase in sailing and motorboating is also great for the wider industry on two counts; firstly we bring in new people to boating and secondly, every year a significant number move on to buy boats. Pure Latitude Boat Club provides the most comprehensive and flexible club membership in the UK to serve that growth.”
Ian Barrow, who is a Pure Latitude member, spoke highly of the benefits the scheme offers: “Pure Latitude boat share has ticked all the boxes for me – particularly with their fleet of boats in the Solent. The boats are in great nick when I want to skipper for myself with family and friends, but I also enjoy the range of member only events. They are a great way to learn new stuff and meet new people to go sailing with.”
Another longstanding, original company – FlexiSail Boat Club – offers a similar gym style membership scheme. With this company you’ll share a specific boat with only a handful of others, ensuring exclusivity and ample access. FlexiSail also says you’ll have the option to use boats in other locations and, depending on the membership plan you choose, you’ll enjoy up to 66 guaranteed boating days per year.
Free skills days, covering anchoring techniques, man overboard drills, and heavy weather boating are popular with members too. And, while the company headquarters are in Hamble, FlexiSail also has boats in Lymington, and has plans to expand to several new bases along the south coast in the future.
If you are considering a syndicate scheme, Yacht Fractions, which was established in 1991, is a good option. This UK-based company – one of the first to launch a scheme of this sort – operates in Europe, and the USA and specialises in selling shares in privately owned yachts. Signing up with Yacht Fractions means it will not only source a suitable boat for your needs, but will also sort out all the paperwork involved and deal with any issues that arise in the process.
Denis Lyons – Director of Yacht Fractions – said shared yacht ownership has risen steadily over the years. “We are getting new boat shares coming onto our books all the time. Demand for these comes from existing share owners moving to newer/larger boats, and also sailors new to the concept. People are keen to take advantage of the lower initial and ongoing costs associated with shared ownership.”
Gordon Way – one of Yacht Fractions’ clients – said it was the ideal option: “Buying our first yacht share was a big decision and finding Yacht Fractions really gave us confidence and made the process easy. It’s the best thing we have ever done – writing this from the decks of Papillon in Turkey with my family on board is wonderful.”
If you do decide to go it alone within a yacht share scheme without the assistance of a professional like Yacht Fractions, one bit of advice is to have an agreement formalised from the outset. This is to help avoid any clashes between members, not only about usage of the boat, and ongoing expenses, maintenance and repair but also, to have an agreement in place for if/when you want to sell your share of the boat.
Another idea is to sign up for one of the growing number of holiday charter company shared yacht ownership schemes which gives you a chance to own a top spec, brand-new boat without the full financial burden of outright ownership. Most of the established sailing holiday charter companies such as Navigare, Sunsail, The Moorings, and Dream Yacht Worldwide have ventured into charter yacht purchase schemes, and report it to be a cost-effective option particularly if you are a regular charter holiday customer. With the Navigare investment programme for example, there is the choice of Complete or Ultimate schemes. The Complete scheme offers up to 8% guaranteed return over a six-season period, 12 weeks usage, professional yacht and charter management, and all operational costs covered.
If you are addicted to holidaying in Greece, then maybe it’s time to purchase a yacht with Sail Ionian. This company’s Yacht Partnership Scheme means you can invest in a brand-new yacht of your choice that Sail Ionian will use in their charter fleet. Within the scheme you will get six weeks usage per year, income from charter, and a professional maintenance package with running costs included.
Other options include Sunsail with two ownership programmes on offer including Guaranteed Income and Option to Purchase. Both provide you as an owner the opportunity to sail at some of the world’s best destinations while the company manages the yacht’s maintenance, insurance, and docking for you. The Guaranteed Income programme offers a fixed monthly income, while the Option to Purchase means you pay a 45% upfront payment of the retail price of the yacht.This means you will own the yacht but there is no monthly income. At the programme’s end however, you can choose to finalise ownership with a 20% payment or receive a guaranteed 20% cash buyback. Sunsail does stress that this option is limited to specific locations and models.
Useful Contacts
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