Customer
selects period of allocation for year
one. Following year draws from syndicate
then exchange with other members to provide
satisfactory periods.
Consideration
given to Parents with children to select
periods of use during Traditional school
summer holidays and people in the education
profession.
Customer
contacts Ranworth Marine Ltd, confirms
availability of periods and receives an
allocation code for each period. (first
come first served)
Customer
completes share reservation form and forwards
a cheque for the reservation fee to secure
each share. Cheque s will be made payable to; Stephen
Ede, Cooke and Ashton Solicitors: New Street,
Grimsby, Riverhead, Grimsby, DN31 1HH. (Unless
boat available and remaining shares owned by
Ranworth Marine Ltd in this case
payments made to this company) Who
will ensure safe keeping of funds.
Notify
attendance of boat to Ranworth Marine Ltd at
least 21 days prior to each allocation
Syndicate member completes an
inspection sheet and takes control of boat
from 3 p.m. (unless available earlier) on
first day of allocation and receives 4 hours
accompaniment (on first allocation)
Syndicate member returns and vacates boat by 9
am on last day of allocation and completes
hand over sheet.
Invitation to
attend annual general meeting for syndicate
members. Member reserves right to sell
his/her share or transfer to a member of
his/her family anytime after 13 months.
The member s will not hire or lend the boat to
another party. The boat will remain stationary
unless the member is aboard.
Boats are
cleaned by owners after usage then the support
team perform a final check inside and out to
provide a consistent standard Boats are
polished externally to protect gel coat.
Freshly laundered bed linen will be provided
for each week of use Engines and
equipment are checked and maintained,
whilst at the base and serviced as specified
by manufacturer. Members can exchange
periods of use with other members
Ranworth
Marine Ltd are appointed to act as Syndicate
Managers throughout life of syndicate unless
otherwise stated.
=============
Questions and
Answers
Q
How does the scheme work?
In the event
of a new syndicate starting the following
applies; Each participating syndicate
member decides, during the first year, which
weeks they require. They contact Ranworth
Marine Ltd to establish availability and will
be given an allocation code. This number must
be written onto the share reservation form.
The share reservation form is then completed
and returned in the envelope provided together
with a cheque for three hundred pounds This
amount will be deducted from the balance
payable. (All payments will be made payable to
(Steven Ede, Cooke
and Ashton Solicitors - New Street Chambers,
Riverhead, Grimsby, DN31 1HH).
Unless unsold shares are owned by Ranworth
Marine Ltd
When the
syndicate has sufficient members Ranworth
Marine will notify each member and there will
be a period of 14 days to settle the balance.
The order will then be placed with the
manufacturer.
Q
Why is the reservation fee and balance payable
to a firm of Solicitors?
Our research
indicated that to provide members with peace
of mind it would be appropriate to use a
professional firm of Solicitors, to hold funds
in a stakeholders account, until required by
the manufacturer or the boat supplier.
Q
Is there an agreement?
A formal
agreement is prepared between each owner and
Ranworth
Marine Ltd. This specially designed agreement
will protect the interests of each owner,
their relationship to the syndicate and that
of Ranworth Marine Ltd or the administration
company if different. It covers eventualities
that can arise during the operation of the
syndicate. It has been designed to be fair,
protect each owners investment and ensure
responsible usage of the vessel.
Q
Can I sell or transfer my share?
Yes. Like
any other asset, you will have the opportunity
to dispose of it how ever you wish. You may
sell it or transfer it to someone in your
family or a friend. You can offer it to
other syndicate members who would like to
increase their holding or we may have a client
who wishes to buy it from you.
Q
How long will my ownership last?
Put
simply, no fixed term - potentially for the
life of the syndicate.
Q
It is such good value for money, can I hire
the boat to someone else?
In simple
terms No! In order to gain the most
competitive insurance premium and to ensure
the boat is taken care of - exclusively by the
owners - any usage of the boat will be whilst
an owner is aboard.
Q
Where will the boat be kept and who will look
after our Boat?
The boat will
be berthed at a prestigious private marina.
Ranworth Marine Ltd or the appointed support
company will take care of the day to day
running of the boat through a team of very
responsible people who have a strong boating
background and vast experience of the cruising
area. This ensures it is available for use, in
a clean and mechanically sound condition and
that your usage is enjoyable as possible.
Q
How far can we cruise?
This depends
on the boat and cruising area. Please check
the particular details on the boat schedule.
Q
Can we invite guests to stay?
Most
certainly. This is your boat to enjoy it in as
many ways as you wish. Also most of the
marinas will have comfortable apartment or
Hotel accommodation nearby, many of our
clients choose this for their guests - They
all use the boat during the day and the
apartments for their guests to sleep in.
Q
Would we be better off, buying our own
boat?
Possibly. This
is an interesting question and needs to be
thought through carefully. Most boats are used
about 150 - 200 hours each year. Around 3
weeks. The convenience of owning your own boat
means you can pop along and use it - whenever
you want. The initial outlay of the boat and
the depreciation has to be considered. The
bulk of the annual running costs, of a boat,
include the berthing, engine servicing, Water
Way fees, insurance, security, ongoing
maintenance, replacing anodes, dealing with
rot (if timber) or osmosis (if grp)
winterisation and anti-fouling. For a boat,
around 30 feet, these costs can average £5500
- £6000, depending on the amount of work
required to keep it afloat. Assuming there is
not too much osmosis in a GRP hull or rot and
decay in a timber hull. These figures increase
by about £95 per foot. Therefore, one must
establish how many people can use it to sleep
on comfortably and how many weeks it will be
used for each year. How much fuel it will use.
If, for example, it were used for three weeks
a year then the cost per week would be around
£1500 plus the depreciation which could be
another £2000 each year. This brings the
weekly cost to well over £2000 per week. Be
aware; petrol engined boats can use
between 8 and 25 gallons per hour. £40 - £120
per hour. The larger the boat the greater the
expense. If usage
were on this basis, a shared ownership option
- with a larger, more luxurious, spacious and
new boat - would be the most cost effective
choice. It is simply a case of organising your
time to gain the maximum value from such a
scheme. All schemes we offer include some form
of training for all owners. This means the
boat will be taken care of properly, because
your Co owners will know how to use them
properly.
Q
If the boat breaks down, what will happen?
With the
maintenance schedule, the likelihood of a
breakdown is significantly reduced. However,
with anything mechanical, things do go wrong
from time to time. In the boats manual are a
list of telephone numbers. Depending on where
you are, you select the nearest engineer who
will come out and eradicate the problem.
Providing the problem was not caused by
willful damage or gross negligence, there
would be no charge expenses are pooled
and split between the owners.
n
What other costs can we expect?
The diesel
tank will be full when you receive the vessel.
Each owner returns the boat refueled. Gas and
Electricity is based on usage. Winter
maintenance costs will be shared. However, an
allowance has been made for a lift out and
antifoul in the annual maintenance charge.
This is where
sharing the costs can be so advantageous.
Q
Can the syndicate, sell the boat?
Selling the
boat. It would require 90% of the membership
to vote in favour of that action, at an annual
general meeting during the first 5 years (
with the exception of the broads) In this
eventuality individual syndicate members would
be invited to bid for the boat, in the first
instance. If the membership where dissatisfied
with the highest bid, the boat would be placed
on the open market by Ranworth Marine Ltd and
once sold the proceeds would be distributed
between the shareholders - each would receive
a receipt, relative to their specific share
holding.
Q
How do we know the other members will be as
careful as ourselves?
Each member
will be responsible for the safe keeping of
the craft whilst it is under their control.
When an owner accepts the vessel he/she will
carry out an internal and external inspection
confirming the condition. On return a similar
inspection will be carried out by the
management team, which should match the
original. Any deficiencies will be agreed and
plans put in place to address the issue of any
damage. Normal perils will be covered by the
marine insurance policy.
Terms
of Business
These terms
and conditions are set out to identify the
parties the relationship between the parties
and their respective limitations and
responsibilities.
1. The Parties
Ranworth Marine Ltd "the Company" is
Registered in England Number 3786927.
Registered office: Ferry Marina, Horning,
Norfolk, NR12 8PS. The individual buying a
shared ownership option from the company the
"Purchaser" in the boat. Birchwood
Marine Ltd the "manufacturer".
The "member" is the member of the
group of purchasers who form the
"syndicate" that is formed to
purchase the boat.
2. The company
undertakes with the purchaser and member of
the syndicate to do all things within its
power which are necessary or desirable to give
effect to the spirit and intent of the
agreement
3. The
purchaser accepts the Company has made every
effort to ensure accuracy of the details
provided in this booklet together with any
associated advertising material. The Company
will not accept liability for any errors or
omissions howsoever caused.
4. The Company
has used the information provided by Birchwood
Marine International Ltd (the Manufacturer) in
good faith to produce details of
specification. Whilst the company accept no
liability for changes made to the
specification, the company undertakes that any
changes in specification are not to the
financial detriment of the purchaser and
members that any change in components used
should there be a change in components will be
of an equal or improved quality or higher
specification. The company undertakes to
notify the purchaser and member of any changes
in specification together with details of
those changes.
4.1. In the
event the manufacturer is unable to meet any
part of the specification laid down by the
company any reduction in manufacturing cost
brought about by such an event will cause a
refund to the purchaser of a sum in a
proportion to that the purchaser has paid
towards the cost of the boat.
4.2 With
respect to manufacturing defects the company
undertakes to pursue the remedial action
required by the manufacturer to repair or
replace any defective parts or components that
form the boat during the period of the
manufacturers guarantee.
5. The Company
is not an agent of the manufacturer and is not
associated, bound or tied to the manufacturer.
The purchaser and members will hold the
company harmless for recommending the
manufacturer to the purchaser or for placing
an order with the manufacturer on behalf of
the purchaser or for any circumstances that
may arise there from.
6. The company
is not an agent of any yacht brokerage or
agency and has no formal connection with the
Norfolk Yacht Agency at Horning or Brundall in
Norfolk. The company accepts no liability for
any verbal agreements or promises by any party
other than those persons employed and holding
written authorization from the company. Only
written agreements to the purchaser by the
company and signed by a manager or director
will be accepted as formal acknowledgement of
any agreement.
7. Upon
receipt of the reservation fee which will be
payable to Stephen
Ede, Cooke and Ashton Solicitors: New Street,
Grimsby, Riverhead, Grimsby, DN31 1HH. Or
The Company if it owns the remaining shares.
The Company will provide the purchaser with a
written agreement between themselves and the
Company and the other syndicate members.
(sample copies available upon request)
7.1 The
company guarantees that in the event the
syndicate is not formed within a specified
period the date of receipt of the reservation
fee the reservation fee will be returned to
the purchaser together with interest and
without deductions.
7.2 In the
event the Purchaser decides not to proceed
with purchase the company will retain the
reservation fee as compensation for loss of
sales opportunity and administration expenses
8. The
purchaser agrees to pay the balance within 14
days of receiving notification from the
company that there are sufficient syndicate
members to proceed with the purchase order.
Upon receipt of the balance of the purchase
price which will be payable to Stephen
Ede, Cooke and Ashton Solicitors: New Street,
Grimsby, Riverhead, Grimsby, DN31 1HH and held
in a stakeholders account the
company will provide the purchaser with a
shareholders agreement that will regulate the
relationship between each other and the
company (sample copy available upon request)
8.1 The
company guarantees that in the event the
manufacturer is unable to commence the
manufacture of the order within a period of
six months from the date the order is formally
placed with the manufacturer the company will
invite all members of the syndicate to attend
a special meeting to discuss the option of
seeking an alternative manufacturer or to
terminate the agreements and receive a refund
of payments made less an administrative fee
that will be advised by and payable to the
company. Whilst the company undertakes to
ensure the manufacturer meets all the
obligations of manufacturing and delivery of
the boat the members will hold harmless the
company for failure of the manufacturer to
meet its obligations.
9. The company
will act on behalf of the purchaser and
members of the syndicate in their best
interests as specified by the relative
agreements
10. The
purchaser or owner or syndicate member agree
the company accepts no liability for loss or
damage to any property belonging to the
purchaser or owner or the syndicate
member or their guests.
10.1 All
parties agree The company accepts no liability
for death or injury of the purchaser or member
or that of their guests howsoever caused.
11. The
invalidity illegality or unenforceability of
any provisions in any of the agreements
between the company the purchaser the member
should not effect the other conditions.
12. Neither
party shall be liable to the other or be
deemed to be in breach of the agreement by
reason of any delay or failure in performing
any of its obligations if the delay or failure
was beyond that party’s reasonable control
(including without limitation any strike
lockout or other industrial action Act of God
war threat of war accidental or malicious or
prohibition by governments or other legal
authority).
12.1. A party
claiming to be unable to perform its
obligations (either on time or at all) in any
of the circumstances set out in clause 12 of
these terms and conditions must notify the
other of the nature and the extent of the
circumstances in question in writing and
posted by first class post to the last known
address of the other party within 24 hours of
the circumstances becoming evident to that
party.
12.2. This
clause shall cease to apply when such
circumstances have ceased to have an effect on
the performance of the agreement.
12.3 If any of
the circumstances relied on by any party for
the purpose of clause 12 for a period of more
than six weeks the other party shall be
entitled to terminate the agreement by giving
28 days written notice.
13. The
company reserve the right to decline a
reservation fee for shared ownership without
justification.
14. In the
event the Company own the remaining shares of
any boat all transactions will be dealt with
directly by the company and the Stakeholders
account will not apply.
15. Some boats
will preclude pets it is the applicants
responsibility to check. Where pets are
allowed certain conditions will prevail
further information is available on request.
16. Some boats
will have restrictions on smoking it is the
applicants responsibility to check.
17. The scheme
will be administered by Ranworth Marine Ltd
(the administrators) or they may
appoint another independent company.
Why Hire?
