32 law
Expert advice makes plain sailing for boat syndicates
As Southampton gears up for its annual boat show, leading regional law firm Moore Blatch has reported seeing a rise in enquiries from people keen to learn more about the intricacies of boat syndicates
“This region is well known for its love of sailing, but buying and maintaining a boat takes substantial investment. We are finding that people are increasingly considering the benefits of shared- ownership agreements as an alternative way to get on the water,“ explained Dorothy Agnew (pictured), senior solicitor at Moore Blatch.
A boat syndicate can be formed when a group of individuals agrees to share the cost of ownership, in exchange for the use of the boat for an agreed amount of time each year. This type of ownership can help to ease the burden of buying and maintaining a vessel and is commonly used among family, friends, sailing club members, and sometimes strangers also.
Agnew continued: “As with any shared ownership arrangement, there will always be potential risks
as well as benefits, so having a formal written agreement in place from the start is vital.
“Written agreements can cover all eventualities, including setting out the rights and responsibilities of all parties involved and also what would happen if the arrangement were to end. This helps to prevent any potential problems in the future.“
Five key considerations when forming a boat syndicate are:
• Choose your syndicate partners wisely – discuss in detail all aspects of how the agreement will work including when each party will have use of the boat and what each party would like to use the boat for
• Decide if you will be equal financial partners
• Check you share the same views and expectations over issues such as the day-to-day maintenance and housekeeping
• Determine how you will manage issues of damage and repair
• Think about what may happen in situations such as a change or upgrade of the boat, or if one person wishes to leave the syndicate.
The UK’s leading on-water boat show, the PSP Southampton Boat Show will run from September 13 to 22.
Details: Dorothy Agnew 023-8071-8078
dorothy.agnew@
mooreblatch.com www.mooreblatch.com
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www.mooreblatch.com www.businessmag.co.uk THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – SEPTEMBER 2013
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