Serenade – information for prospective owners
We are pleased you are considering purchasing a share in Serenade and joining our shared ownership syndicate. Before you decide, there are a few things you should know about.
SERENADE
We hope you'll take time to look over the boat before making your decision. This can usually be arranged on a 'change-over day' (Sunday) when it's also often possible to meet one of the existing owners.
Built in 1994, Serenade has been well cared for over the years.
Details of all major expenditure from 1999* and the fault log since 1998* are recorded in a file kept on board.
You are welcome to see these.
The Owners' Manual and other documents are attached to the 'Introduction to Serenade' forum.
SERENADE SYNDICATE
There are 12 shares, each entitling an owner to four weeks use of Serenade per year.
Our Shared Ownership Syndicate Agreement, also attached to the 'Introduction to Serenade' forum , that you will be required to sign on purchasing a share, details the benefits and obligations of share ownership, and the way in which our syndicate operates.
These arrangements differ between syndicate boats, so make sure you understand and are happy with ours.
Our syndicate holds an Annual General Meeting, usually around October, to agree all issues relating to Serenade. These usually include winter maintenance works, the annual budget, boatyard base for the coming year and appointment/re-appointment of the management company.
FINANCIAL
You will agree a purchase price for the share with the vendor. In addition, thereafter, until your share is sold on you will have the following annual financial outlays, each pro-rata to your shareholding:
➢ contributions to ongoing running costs – paid into the syndicate fund either monthly by standing order, or six monthly;
➢ contributions to winter maintenance costs – we pay a nominal sum in advance into the syndicate fund, either monthly by standing order, or six monthly;
➢ contributions to a fund we have established to help pay for future major expenditure -
(eg: repainting, or engine replacement). These are paid annually into the syndicate fund;
➢ payment for consumables (eg: diesel, gas, toilet pump out, stern gland grease, toilet 'blue') paid direct to suppliers as they are incurred during your holidays; and
➢ payments to our management company, currently BCBM, for their services, paid monthly by standing order, or six monthly.
Taken together, all the ongoing boat costs outlined above total around £1500-£2000 per share each year - the variation between these figures principally arises from the extent of the winter maintenance work undertaken. Management company fees are currently around £450 per share annually.
We do hope you will decide that Serenade is the shared ownership boat of your choice.
We look forward to welcoming you to our syndicate.
Further information can be obtained from our Management Company BCBM https://www.bcbm.co.uk/