Shared ownership in narrowboats is a type of ownership where multiple individuals or groups jointly own a single narrowboat. Typically, each owner will have a percentage stake in the boat and will be entitled to use it for a certain amount of time each year, based on the percentage they own.
The concept of shared ownership is popular in the narrowboat community because it allows individuals who might not be able to afford a boat outright to still enjoy the benefits of owning a narrowboat. It also allows owners to share the costs of maintenance, insurance, and mooring fees.
Shared ownership arrangements can vary in terms of the number of owners, the percentage of ownership each owner has, and the terms of use. Some arrangements may involve fixed weeks or months of use each year, while others may allow owners to book time on the boat on a first-come, first-served basis.
In general, shared ownership in narrowboats involves a legal agreement between the owners, which sets out the terms of ownership, use, and maintenance. It is important for potential shared owners to carefully review and understand the agreement before committing to a shared ownership arrangement.