How To Sell A Share

We will market your share for as long as it takes to sell, sometimes this is very fast – overnight is not unusual – and sometimes it takes a long time. Our philosophy is that all shares will sell. Those in well recognised boats marques in good locations at realistic prices will sell readily.

We charge 6% + VAT on a no sale no fee basis – see our full Terms and Conditions

In order for us to market your share we need :

  • your name,  address, phone numbers and email

  • Full details of the boat

  • Location of the boat and mooring arrangements

  • Size of share

  • Asking price of share

  • Annual running costs – this should include :moorings, insurance, normal routine maintenance, some provision for annual upgrades and replacements but not major capital investment.

  • A good selection of photos

If it is a boat which is new to Yacht Fractions and so we do not have a history of ownership we will need to see proof of ownership and VAT status and your share agreement.

Before you market your share you should inform the other owners that you wish to sell. Many share agreements allow the other owners the right to buy a share at a fair market value.

You can let us have the details :

  • by completing our <on line boat detail> forms. If your boat has been for sale previously with Yacht Fractions then there will probably be an archive file which the system will offer you to update.

  • by sending an email with a Word document with the details and jpg images

  • we can send you a form to complete and return by mail or email.

We will vett the content and put it live on the website.

Once we have attracted a potential buyer we will contact you by phone or email with details of their experience and qualifications and any specific requirements they may have which are important to their purchase. Typically this is a need for school summer holidays which not every group is able to offer.

We will ask you permission to release your contact details to the buyer

We will give the Buyer your contact details and ask them to contact you.

If the boat is in the UK then this will hopefully result in an arrangement to view the boat. If the boat is abroad the majority of shares are sold unseen.

If it is a new share group we will supple you with a new Share Agreement to propose to prospective buyers and will help you to make this personal to your own boat. It is expected that during the formation of a new group that minor alterations will be made to the share agreement.

For a mature group you wil need to supply us with a copy of your share agreement

A deal will be agreed through Yacht Fractions and will involve

  • price

  • completion date

  • any conditions which need to be fulfilled prior to completion, these will include

  • acceptance into the group by the other owners

  • acceptance as skipper by the insurance company

  • acceptance of the share agreement by the buyer

  • any other items specific to the transaction

 

If there is to be a delay in completion between agreeing the deal and completion then Yacht Fractions will issue a Sale agreement which will take a 10% (min £1000) deposit. It will define the conditions under which the deposit could be returned to or forfeited by the buyer.

 

At the point of completion, Yacht Fractions will raise a bill of sale

This is signed by the seller who confirms that :

  • he is the owner

  • that there are no encumbrances (mortgages etc) on the boat and no reasons why he cannot sell

  • that there are no undisclosed disputes in the group

  • that the running costs are up to date for the share being sold

  • that the insurance cover is not altered or made invalid by the sale

  • The dates to which the annual costs will be paid by the seller.

The Buyer will sign a declaration that he :

  • will enter into and abide by the share agreement

  • that he agrees to assume responsibility of the share from the date of transfer.

Once Yacht Fractions is in possession of Bills of sale from both buyer and seller and the purchase funds the completion will take place, the seller will be paid and the bills of sale mailed to both parties.