April 2021 Share issue

Your holidays sorted; start adventuring, slowly -

7-56 nights a year from £69 per night for upto 4 people

(That's £17 per night each!)

Enjoy co-owning your own narrowboat and holiday all year round at a fraction of the cost with the comfort of returning to your cosy home so you can explore 2000 miles of England and Wales at your leisure


Only 3 shares remaining!

--------- Shares offer open from 10/4/21 --------

Share sold to Jan & Mike 11/4/21 @15:42

Share sold to Dean & Garry 11/4/21 @19:03

Share sold to Sally & Martin 21/4/21 @20:04

Share sold to Ian & Sheila 2/6/21 @17:35

Share sold to Harry & Sue 14/08/2021 @18:32

Share sold to Sarah & Richard 24/08/2021 @22:15

Share sold to Tim & Louise 17/10/2021 @ 12:26


Weeks available to pick in 2021 & 2022, you could be enjoying this life part-time in just weeks from now!


Check out the video tour of Jamaica Farewell!

See below for the layout and photos of the engine and engine room

Do you want affordable holidays enjoying the countryside and cities at a pace you can actually enjoy? Do you want a narrowboat life but without having to do it permanently?

Enjoy narrowboat holidays all year round with the comfort of returning to your cosy home so you can explore 2000miles of England and Wales at your pleasure.

This is now my dream after 9 years of living full time on my boat Jamaica Farewell. Having moved in with my partner during the most recent lockdown I am making a new place my home and we want to continue to explore the canals. Here’s the thing, Narrowboats love to be used. With only so many weekends and day off a year we just won’t be able to make full use of the boat i love.

So after extensive research i have found a way to make sure Jamaica Farewell is loved and gives joy all year round and makes sure she gets the financial love long term to keep making memories for decades to come.

Jamaica Farewell Shared Ownership is a syndicate, like a timeshare BUT better as you actually own part of the asset (not just use of a week) and can be sold again on a flourishing market of people looking to buy just a slice of boat life.

A one week holiday for up to 4 people on a holiday hire boat this summer is retailing for £1700!!! And hire boats are nice enough but they are very functional and not as homely or well thought out as a boat that has been a home for its whole life.

What if I told you for an average of £69 a night (£483 a week)you and upto 3 other people could be enjoying between 1 and 4 weeks a year aboard a boat you part own over the next 5 years. The best bit is the longer you hold on to your share, the cheaper your cost per night gets?!

What if I told you that for £67 a month you could have 4 WEEKS a year all to your self on Jamaica Farewell. With a double bed and a spare bed you could be hosting your friends for summer BBQs with glorious views and intimate post-hike hot pot dinners by the fire in winter.

That prices includes all the maintenance (done for you don’t worry) upgrades and long term work (like paint jobs and getting the bottom protected) insurance, licenses are included as well as full oversight of what is spent and control over changes to that amount in future years as it’s agreed by the other members of the syndicate - share holders (not me)

To get access to that all you’d have to do is buy a share in the boat - groups of friends or families can also split the cost of a share between them, guaranteeing weeks across the year and making it even more affordable to be a boat owner. I know that some people may be nervous about being an owner of a boat and unsure if they can drive. So I am going to take care of that. The boat will be fully insured, with breakdown cover and a budget to cover repairs. All shares come with a super clear agreement and certificate of ownership along with a simple and fun way of choosing your weeks of use. The joy of being in a syndicate is you get to split the monthly budget by up to 11 other people.

I’ll also give to people who want it, a full days tuition on driving the boat, handling locks and rope work so you can stop and tie up anywhere you fancy.

Does this sound pretty good?

Want to see yourself in these scenes?

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Specifications of Jamaica Farewell

Specifications

Vessel type:


Traditional Narrowboat


Builder:

Liverpool Boats


Make:

Liverpool Boats


Model:

58 ft Traditional


Constructed:

2006


Berths: (Sleeps)

4

(Double bed + Sofa double bed in separate rooms)


No. of engines:

1 x Isuzu 35 -

sealed skin tank cooled system (a radiator against inside of the hull to use the canal water to exchange heat only)


Fuel type:

Diesel


Drive type:

Stern drive


Length over all:

58 ft


Hull material:

Steel


Hull colour:

Black


Last Hull painting:

June 2019

(Next due 2022/3)


Boat Safety Certificate Valid until:

August 2023

(Passed every 4 years first time - most recent in 2019)


Electricity:

4 x 120W Solar Panels

4 x 110A/hr Leisure Batteries (Replaced in 2020)

1 x 130A/hr Starter Battery


Fuel capacity:

220 Litres


Fresh Water capacity:

150 Litres


Plan layout of Jamaica Farewell

Photos of the Suzuki Marine engine and engine room.

Don't worry if engines aren't your thing, you only have to check the oil at the start of your week and we show you how to do that. Everything is looked after by regular maintenance.

The board goes down over the engine, combined with a quiet engine gives a pleasant and peaceful cruising experience.

Because Jamaica Farewell is a traditional stern, at the end of the day, you just have to slide the hatch over and everything in the back is all safely locked away.

Frequently Asked Questions

What is Shared boat ownership?

Several groups or families (usually upto 12) together own a boat as a syndicate. Each contributes to the upkeep in proportion to the size of their share of the boat. Owners usually get at least four weeks holiday on their boat each year. The management of the boat itself is managed by either a nominated owner (usually the first owner) or outsourced to a syndicate management company.


Why shouldn't I buy a boat for myself?

If you want to live on a boat full time, then absolutely, go for it. But the reason you are here is because you are interested in holidaying and enjoying the benefits of a boat life combined with living on land in a house the rest of the time. On that basis there are several reasons for not buying your own boat, the biggest reason being the initial capital outlay. For a similar boat to Jamaica Farewell you’d be looking for £50,000-£60,000 upfront. Then there is the cost of the mooring, licensing, insurance and the maintenance and fuel - which adds up to £10,000 a year, pretty cheap as a place to live, but quite an expense if this is a holiday home =. As the sole owner of a boat you would probably only use it 4 or 5 times a year which is not advisable as boats like to be used, otherwise they deteriorate much faster than if they are run regularly. Which is why, now I am moving on to land, I am selling shares - to extend the ability of Jamaica Farewell to bring people together, slow down and enjoy life.

What advantages are there in shared ownership?

Shared Ownership is a solution to cater for those who were definitely not going to make use of a boat more than 4/5 weeks a year. This system enables you to buy into a far higher quality boat than you might otherwise be able to afford and then to reduce the running costs down to only one twelfth (about 8%) per share of what they would be in sole ownership.

How are the weeks chosen?

Jamaica Farewell uses: The Draw system — the year is divided up into the four seasons. At the annual syndicate meeting each year, a slip with each week in the quarter is put in a hat. Owners draw the slips out at random, according to the number of shares they own, and that decides the week of their holiday in that quarter. A feature of this system is that once owners know their weeks they can then exchange them with other owners. If you are unable to use your allocated week you may either swap with another owner or you can offer the unused time for use by another member of your syndicate. As weeks become available under this system you may be able to take up unused weeks from other owners, the only additional costs being whatever you need for a week away.


What day of the week does my 'week' start on.

All weeks run from Midday on Saturday to Midday the following Saturday.

Are there special arrangements to fit in with school holidays?

When the draw takes place at the meeting, other owners are encouraged to co-operate by swapping school holiday weeks that they have drawn if they don't require them, with those who specifically need them. Many of the owners would rather not have school holidays and if they do draw them are happy to swap.

Can my family or friends use the boat?

Yes, you will receive share certificates on which you can indicate the owners of the share. We will allow up to four named members (21yrs or over) who can be allowed to use the boat without you being on board. I am currently working with my insurance company to be able to do this - it will be made clear in the syndicate agreement before you sign it, don’t worry. This could be ideal if you don't want to use all 4 weeks or if the initial one off payment / monthly amount feels just out of reach for you - you can split that cost 4 ways!

Is there a charge to add / remove someone to/from my share certificate?

No, there is no charge, just the cost of getting your certificate back to me so I can change it and issue you an updated one and get it back to you. If you want to post it back to me (it's easier now I am living on land) I recommend sending it by recorded delivery as I'll send it back out to you by recorded delivery. (in 2021 thats less than £10)

Can the boat be hired out, lent to friends or offered for hire or AirBnB?

Definitely NOT. There must be a person named on the share certificate or otherwise approved by the syndicate on the boat at all times.

What is expected of a syndicate member?

Each syndicate member is responsible for the boat whilst under their control and for any self-inflicted damage such as broken windows and damage to carpets or upholstery. At the end of each week's use, the syndicate member is responsible for refuelling, filling up with water, emptying the toilet cartridges and cleaning the boat so it is completely ready for the next owner. The other responsibilities are covered by the Syndicate Agreement. The final syndicate agreement is being

At the end of your stay you will provide photos of where the boat is and how you have left it. We also ask members to report any breakages or anything that stops working so we can get it fixed as soon as possible - so the next person has a stress free week.


Where will the boat be moored?

The owners decide at our annual syndicate meeting where we want the boat to be moored for the following year. Boats usually stay in one place for a couple of years so that owners can cruise the available routes and then they move the boat somewhere else to give different cruising routes and eventually it moves around the whole canal network in a logical sequence. Equally syndicate members may wish to agree a ‘there and back’ route which covers a number of adjacent weeks to cover more ground. So long as the next member knows where the boat will be and agrees to that then the week is your oyster.


Do I need training before using a shared ownership boat?

As a boater with 9 years of boating and driving experience along with a seaworthiness qualification I am offering all new syndicate members a whole day of training covering driving tuition, how to operate locks safely, how and where to moor in the best spots, rope work so you can secure the boat every time along with how to do many of the basic day to day functions to make the most of your holiday. All the training is recorded and available to watch back if you need to. I’ll also be working with you on your mindset as canal and boat pace is VERY different to the rest of most people’s lives and so this training helps you make the most of the slower pace and take any stress out of the structure of the holiday.


What happens if the boat has a breakdown?

If you have a breakdown that you are unable to fix yourself, you would contact RCR (Like the RAC / AA of the canals) and a mechanic will attend to rectify the problem. The cost of Gold membership includes call outs and any materials paid out of syndicate funds. As the boat has regular maintenance carried out, incidents of this nature will be few and far between. Payment for self-inflicted problems will be the responsibility of the syndicate member using the boat.


What if we break down a long way from our base?

RCR covers England and Wales and they arrange someone closer to come out to you from their network of bases and highly qualified engineers they use.


Do RCR have a central help-line?

Yes, and in case of difficulty you have 24/7 access to their locally based on-call engineers, we think that makes sense to be your first port of call. The main difference with AA and RCR is that the time it takes to attend your boat can be up to 24 hours (although usually with in 2 hours) and may take a little longer to get you on your way if a new part is required.


For how long would I own the share?

For as long as you choose. You can keep the share, pass it on to your heirs or sell it at any time. Because you will be issued with a share certificate - this is a tangible asset which becomes part of your estate / net worth. I have included calculations based on 3 or 5 years ownership but many people hold shares for decades. It's entirely up to you.


How long will the syndicate be in existence?

The syndicate will be in existence for the life of the boat. Being maintained to a high standard the life span of the boat is virtually unlimited. Over 75% of the syndicate shareholders must be in agreement before the boat can be sold, this is most unlikely to happen. Although in that scenario, you would get a % of the total sale in proportion to the number of shares you own. If you own one share you'd get 1/12th of the total sale price.

How much will my share be worth if I want to sell it?

This is dependent on many factors — age & condition of the boat, supply & demand for shares but over recent years, the value has remained fairly constant with shares holding their value. An owner selling their share determines the price at which they wish to sell, but would generally seek advice from a broker - these can be provided if you want a convenient way to sell your share. It is all in our interests as co-owners to ensure that we ensure boat is kept in great shape.

How can I sell a share?

There are many boat share brokers who sell boat shares, under the instruction of the owner. Share sales are promoted through the brokers websites and at the major boat shows such as the Crick Boat show, including the brokers own Boat Share Shows held anywhere up to twice a year, and open days. Brokers tend to also email out to their database with offers and promotions. Shares can be chosen to be sold privately or via another broker. You will often find that someone else in the syndicate may wish to buy an additional share or knows someone who wants in. We will be running an instagram account for those who are interested, to grow a following of people who get to know Jamaica Farewell and it's co-owners (who want to participate) so we have a waiting list of people who may want to buy your share directly from you at that time - after all its how I am selling the 10 shares in Jamaica Farewell (and you'd only be selling 1!) We actually cover this topic in the Boat co-owners boatcamp

How much is a share going to cost me?

Each syndicate member pays:

  1. A one off share purchase price being asked by the current owner of the share (in this case Ed)

  2. Contribution to the annual operating costs such as mooring charges, insurance, licence etc. and also to each year's winter maintenance costs. The contribution amounts to around 8% (or 1/12th) for each four week shareholding.

  3. Contribution to the management of the work to be done on behalf of the syndicate which is stated separately for transparency.

You can purchase a maximum of two shares in any one syndicate.


Lets break down each of those 3 elements

What is the management charge?

The management charge for the first year is £204 per year; this is per single 8% or twelfth share owner. Future annual increase is set by the retail and consumer price index which the year to January 2021 is just 0.7% as announced in the government’s figures.

The management charge is paid to Ed who has 9 years experience of managing and maintaining the boat as well as 12 years facilitating group meetings to make it all run smoothly.


If the syndicate wanted to go out to have an independent management company or if Ed decided in the future he wanted to sell his share or stop this responsibility - management companies typically would charge around £450-£500 a year per single 8% or twelfth share owner; alternatively the members may wish to run the management cooperatively between them.

In the first year this is set at £17 per month for 1 share or £34 for 2 shares.


What will my annual contribution to the boat's operation and upkeep be?

This will depend on how many owners there are and what the syndicate decides to have done on the boat. Generally it's in the region of £800 to £1,700 a year. Interestingly £1700 which is about what it would cost to hire a similar sized boat in the summer for a single week. So cruising the waterways on your own shared boat for 4 weeks a year works out far less expensive than hiring for one week in high season.


In the first year this is set at £69 per month for 1 share or £138 for 2 shares. This will be reviewed by the members each year.

The money paid by members will be kept in a separate bank account with monthly statements and income and expenses shared around all members.


How much does it cost to buy a share?

1 Share of Jamaica Farewell which offers you 4 weeks per year for as long as you hold the share is is £4,500 as a one off payment + the monthly contribution to the boat's upkeep £69 + boat & syndicate management fee £17 per month.


2 Shares of Jamaica Farewell which offers you 8 weeks per year for as long as you hold the share is £9,000 as a one-off payment + the monthly contribution to the boat's upkeep £138 + boat & syndicate management fee £34 per month.

Share purchases are limited to two per shareholder.


STOP AND DO THE SUMS A SEC........

If you were to split the cost of one share, which entitles the share-holder(s) to 4 weeks a year, between 4 people (say 3 other good friends or family) - each of you would get 1 week per year for however long you hold your share for. The one-off share purchase price divided by 4 people would be £1125 each + just £4.25 per month each in contribution and management fee. Over 3 years that works out at your uk holidays for just £627 per week, or over 5 years £477 per week - less than the cost of a Premier Inn in Manchester per night. That's NOT per person, thats for a space which sleeps upto 4 people! Based on holding your share for 5 years, that would be as low as £17 per person per night!!!! PLUS you own part of the place you are staying in and can resell your share at the end of it all recouping part, all or possibly more than the amount you originally paid for your share! Here's the magic part... get even more value by going away with the people you split your share with - potentially halve those costs again and get DOUBLE the number of weeks away with people you love spending time with. Want even more tips and hacks to make the most of your share and part-time life alfoat? Check out the free boat co-owners boatcamp I am running

More detailed money questions

Can we see if someone isn't paying their fair share?

Yes. As part of the monthly accounts, you can see the income from owners as well as the expenditure.

What happens if someone doesn't pay up?

I have an independent person who can chase any unpaid invoices — not the most pleasant of tasks sometimes, which is why I have outsourced this service which is why we pay the fee. One of the most common questions I’m asked by potential new share owners is, 'What happens if someone doesn't pay their dues', so it's something we take very seriously. In cases of genuine hardship, we will arrange to sell the share in order to pay off the debt, with the balance going back to the owner less any commission and other fees that are unpaid. If an owner continually and knowingly defaults on their payments in a way that compromises other syndicate members we will take them to court, it is straightforward to do this and easy to win on each and every occasion because of the quality of the RYA approved syndicate agreement and the clear course of action set out in it.

How do we know our money is safe?

Jamaica Farewell Shared Ownership Syndicate its own bank account with Starling Bank so the funds of the group are guranteed up to £85,000 by the UK Government scheme. Income and expenditure spreadsheets are sent each month to every single owner along with a copy of the month's bank statement from Starling.

How do we know you'll do a good job of management?

Well, the proof of the pudding is in the eating. In part its because I now have 9 years experience in managing and maintaining the boat. Also you only continue to appoint me to manage the boat one year at a time. At every AGM you get the chance to either reappoint me or not, simple as that. We also sign a 'Service Level Agreement' which shows exactly what I promise to deliver in terms of management and by what measure you can expect to judge me.

Do you get everything right all the time?

No, no-one does. But I try to get as close as humanly possible. It's a two way street and I believe in working closely together as a team every step of the way.

How can I buy a share?

There are only 10 shares in the initial offering (April 2021) - once they are gone they are gone - although I can put you on a waiting list when all the shares are sold. Remember if you can also split the cost of 1 share with up to 3 other people. One person just needs to be put down as the first shareholder (you can add other names on)

  1. You can pay for your share by BACS bank transfer.

  2. Once I have received your payment, we will then agree which week/weeks you wish to book for the first year in each of the 4 seasons - so the quicker you snap your share up the more choice of weeks you have. All future years will be done by draw. The first available week will be from Midday Saturday 24th April 2021 to Midday Saturday 1st May 2021.

  3. I will set you up with a share holder agreement which sets out all the rights and responisbilities for members. Once this has been signed you will then be part legal owner of Jamaica Farewell and will be sent your Share Certificate by recorded delivery.

In review.... 10 Reasons to say: sign me up!

  1. Enjoy a fixed number of weeks a year for as long as you own your share

  2. You just pay once for your share

  3. You pay low monthly contributions to the upkeep and management costs which are agreed by members each year

  4. All the maintenance and "hastle" is taken care of meaning you can enjoy the boat

  5. You can leave it in your will or sell your share (you may be able to sell your share for the same, more or less than what you paid for it, depending on the market when you wish to sell)

  6. Full training and orientation of both the boat and driving on your first trip

  7. Easy booking app on your phone, you can always see which weeks you have and where your boat is!

  8. In control, you get a monthly email with the latest bank statement, income and expenses and any maintenance that has been done

  9. Super friendly group of co-owners who want to help each other out to have the best possible experience

  10. The boat is always on the move, meaning you get to see more of the network!


Don't take my word for it, check out the testimonials from existing shared owners and free advice and tips to make the most of shared ownership in our co-owners boatcamp.

Guarantee

Buy your share today and if you are not loving your new part-time life afloat by the time I finish your full day of training on your first day aboard Jamaica Farewell. You can leave the boat and syndicate and I will refund you your money in full - no questions asked.

Want in?

Your question not answered?

If you have any other questions not answered here why not check out the 'Boat Co-owners Boatcamp' by clicking here, or need clarification on any of the points made, please don't hesitate to contact me on 07801580534 or eddybeans@gmail.com