Syndicate Ownership . . .
. . . a brief outline
The Iroko Syndicate offers the opportunity to own 25% of a very comfortable "classic" yacht and enjoy 12 weeks each year of use - to cruise the Clyde and West Highlands or simply to take a break for a few days on her mooring or in the marina of your choice.
Syndicate ownership (often called fractional ownership) is usually applied to the more expensive end of the yacht market where the main attraction is sharing the extremely high capital cost of purchase and often shares may just be three or four weeks of the year.
However, there is a strong case for syndicating classic wooden boats to ensure that these living links to our nautical heritage are preserved. There is a myth that classic wooden craft have high annual maintenance costs but, in reality - and thanks to modern treatments - nowadays this need not be unduly greater (often less) than the costs associated with modern fibreglass boats. For example, even with only four syndicate members, Iroko's regular annual expenses per owner would be reduced to less than the cost of standard marina fees alone! Iroko is normally moored on a swing mooring where she naturally faces into the wind and therefore suffers much less stress and damage than being permanently on a pontoon berth. Apart from being beneficial to the boat, this is also very much cheaper. (Members, of course, are free to use whichever marinas they choose on a daily or weekly visitor basis).
The great financial benefit of our
syndicate ownership is that
each member personally saves
75% of the boat's annual expenses!!
Purchasing your Syndicate Membership
Please apply to our brokers, Swordfish Marine.
A refundable holding deposit of 10% will reserve your syndicate share for up to fourteen days while you satisfy yourself on the terms of the Syndicate Agreement. If you wish an independent survey of Iroko during this time, this can be arranged at Roseneath (near Helensburgh) or any other boat yard at your expense. (Normal expenses include survey fee, lift-out and passage to boat yard from current mooring)
The balance of the purchase price is payable on or before the end of the fourteen day period and ownership rights commence immediately payment is made.
New owners will be registered with MCA as owning 16/64ths of the boat and this will be shown on the boat's certificate of registration and, therefore, within the records of MCA. Please note that MCA regulations state that the certificate must remain on board the boat. However you will receive a copy for your records, on the understanding that such copies have no legal significance or status.