Top Questions Asked

1. When can I use the yacht?                                                            

2. How is the service charge calculated?

3. Do I need any qualifications?

4. Can I sell my share?

5. What happens if there is a problem with the yacht?

6. For my investment, what exactly do I get?

When can I use the yacht?

Ownership by title of a yacht entitles you to an annual time allocation - a 20% share currently guarantees 9 weeks. We do not operate a seasonal chart but allow all year use, and by using our Guaranteed Time Allocation system, a fair number of weeks will be available for each share holder throughout the year. Each allocation is published at the start of new year showing the guaranteed allocations. For these allocations to remain in guaranteed status, they must be confirmed to us atleast 6 weeks before the intended stay. Any weeks unconfirmed will be released to other owners, in order to swap allocations as and when, at no extra cost. Any allocations can be swapped with other owners at any time, just let us know and we'll arrange it. The Guaranteed Time Allocation system is rotational, therefore making the allocations fairer to all owners. Weeks not used cannot be carried forward to the next year. Any owner who has booked their allowance for the year may take an allocation from another owner by paying the service charge for that week on behalf of that owner. Any unused or unconfirmed weeks may be used for maintenance or for marketing purposes.

With all our boats over 21M, they are fully crewed and by utilising our 5star concierge service, all visits to the yacht can be fully provisioned and pre-ordering of items such as food or drink supplies can be taken. A pre-determined sailing route can also be arranged prior to the week you wish to board. Top

How is the service charge calculated?

Bigfish are committed to keeping things very simple and transparent. The annual service charge consists of all actual costs relating to the on-going commission of the boat. This consists of the home port mooring fees, yacht insurance not including personal cover, annual engine servicing, regular cleaning, crewing costs to include captain first mate and chef, our management charges, ad-hoc replacement and repairs and any other incidentals, such as the radio licence fees, that may become payable during the year. In the first year, this is estimated at 7% of the purchase price, and then based on the previous actual year, divided by the number of shares issued. Any monies which are surplus will be carried over to the following year. The service charge is payable in advance of each year of ownership until the yacht is sold, with the first year being included in the initial cost requirement. There is no minimum time that a yacht can be owned, it is the decision of the share holders themselves, but we recommend that it is kept for a period of between 3 and 5 years in order to achieve the best re-sale value. It must also be remembered that the older a boat gets, the more it will cost in maintenance charges. Failure to pay the service charge will result in the loss if usage and all time allocations will be witheld until such time that the account is brought up to date. All accounting data will be available to all owners and a monthly statement of affairs will be published and sent to each. The service charge is not fixed and is there to cover the actual cost of running the boat. Apart from the fixed management fee, all charges are at cost.

Any damages or repairs required which are the fault of the share holder aboard at the time, will be the responsibility of that person and will be charged appropriately. Any extra charges which are incurred throughout the year in connection with the running of the yacht will be apportioned equally to each share holder and invoiced accordingly.

Examples of any extra charges that are payable individually would be fuel, visiting marina fees, provisioning costs, personal accident and travel insurance and any other personal costs not attributed to the yacht. Any charges that are incurred by utilising the 5star concierge service, for example travel tickets or provisioning, are payable by invoice immediately following the trip in question. All extra charges are added at cost and Bigfish do not charge a fee for this seperate account.  Top

Do I need any qualifications?

No. As all our boats are fully crewed with a captain and first mate, no personal qualifications are necessary. Further crew are available if entertaining guests on a personal or corporate nature. 

If you do not hold any qualifications such as the  ICC, then it is possible to attain this aboard the boat in your first week of ownership. Please ask for details of this. The ICC generally costs about £900.00, payable locally. This service is for smaller boats under 21M only. Top

Can I sell my share?

Once you have bought your share and have been issued with a share certificate, you are then free to sell your share whenever you wish. However, the new purchaser must have the relevant experience and adhere to all the regulations stipulated in the original agreement, which will be transferred to the new owner. Your share can be advertised on this site and we will broker your share under the rules of ABYA. An admin fee of 5% of the sale value will be charged on completion. We do not fix any sale prices, so you are able to attain the highest possible amount, but we can advise on the market value of your share. Top

What happens if there is a problem with the yacht?

From the outset the yacht is maintained by our captain and business partners, locally based in the home marina. They are set the task of the annual maintenance schedule and cleaning issues. They are also on 24hour callout. Once the fault has been rectified, the bill will be added to our account to be deducted from the service charge account. The condition of the boat is your responsibility as an owner, and it is in your interests to treat the boat with the utmost care and attention during your stay. All issues will be actioned upon with immediate effect, however depending on the problem, it may not be solved in the same time frame. Your cooperation in this instance will be appreciated and we would not be held responsible should the problem prevent usage.  

If you find something missing and we are informed, then it will be replaced. If you break something whilst on board, we would hope that it would be replaced by that person at that time. Failure to do so will only increase the service charge for the following year. In any case, it would be helpful to be notified of the replacement.

Any malicious damage will be the responsibility of the share holder in attendance at that time, and will be held responsible for the damage. As a last resort, a share holder can be banned from using the craft should they break the regulations in place. Top

For my investment, what exactly do I get?

The initial cost is based on the total costs incurred in the commissioning of the yacht on offer. Keeping things simple is very important especially when talking about finances. This includes the initial purchase price we negotiate on your behalf with any extra equipment deemed necessary or requested, works required if not new, all safety equipment to MCA standards and a full compliment of miscellaneous items such as cutlery, crockery, bedding and so forth, brokerage fees if any, delivery charges. membership fees and our syndication fee. The first annual service charge will also be included in this payable amount. An example of this is:

Purchase price inclusive of all fees £3,500,000 plus first year service charge £250,000 equals £3,750,000. Divide this by 5 is £750,000. This is your contribution to the purchase. This is real titled ownership with full security. This is your asset entered into a managed scheme with usage rights based around the payment of annual service fees.

The initial cost of a share will then entitle the share holder to a % stake in the sale value when the time comes. A share certificate will show this with your name. Any costs other than those within the service charge will be split between all share holders dependant on their allocation. If a person wishes to own more than one share , they can but they must be aware that they will only be allowed one vote at any AGM held towards decisions that require this. The sale will be handled by a registered broker and your share will be after all fees appropriate to the sale. We charge a 5% fee for the handling of the sale.

Finance is prohibited on the boat, and as such it will be 100% secure with no possible asset loss which is not covered by insurance or by the final sale. From the outset, prior to the purchase, all monies received by us will be held in an escrow account with our solicitors, giving you peace of mind that your investment is safe. Please remember, this is real ownership, not rental, not advance charter hire and no third parties have an interest in the boat whatsoever. Apart from the annual service charges, there are NO other costs involved, only those of a personal nature such as locally payable fees for fuel, visiting marina fees, food and beverages and travel insurance. Top