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Subject Topic: Do you share ownership of your camper? Post Reply Post New Topic
Personcrankup
09/6/2013 at 11:00pm
 Location: Dorset
 Outfit: Toyota Hiace High Top 4 Berth. View crankup's Profile View Profile   Reply to crankup Reply   Quote crankup Quote  
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I wondered if anyone here shares the ownership of their camper or motorhome.

I use mine only a handful of weeks a year. A trusted old friend has asked if I would consider sharing the ownership of mine. It sounds a good idea at first - share the maintenance costs, the general looking after, giving it regular good runs, sharing the depreciation, getting some cash for a half share and still gettign use of it etc.

Then I think about how it would work legally. And I have no idea. Can you have 2 names on a vehicle reg? What if one wants to sell? Does insurance become a headache?

Surely people have done this sort of thing before? How did you go about it? Was it a good thing or did it end in tears? Is the arrangement still going strong?

Thanks!


PersonEldiss Angel
09/6/2013 at 11:34pm
 Location: Changeable
 Outfit: Elddis Autoquest 115 View Eldiss Angel's Profile View Profile   Reply to Eldiss Angel Reply   Quote Eldiss Angel Quote  
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I was asking this the other day, Crankup. The bit about loaning out your van rather than letting it sit on the drive for months.

It seems other people feel their vans are much too precious.

I must say, my parents rented out their static caravan to friends who broke a light but never admitted to it so they never let it out after that.

I guess a quick call to an insurer would answer your question. Firms rent vans out don't they so there must be something they can do.


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Personcrankup
10/6/2013 at 8:50am
 Location: Dorset
 Outfit: Toyota Hiace High Top 4 Berth. View crankup's Profile View Profile   Reply to crankup Reply   Quote crankup Quote  
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Hi Repmac,

Thanks for the reply. I can understand not wanting to rent it out, I wouldnt be up for that. I'd share it with someone who who was mutually responsible though - both financially and morally!

 


PersonOpensauce
10/6/2013 at 10:04am
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You cannot have joint names on a V5 but having your name on the V5 does not in itself give you legal title to a vehicle anyway. You would need separate evidence of joint ownership of vehicle & also an agreement about cost sharing/sharing of use of vehicle etc & also how the agreement could be terminated.

The simple way is for your name to remain on the V5, your friend added to your insurance & a cast iron legal agreement covering all eventualities drawn up in return for your friend giving you half the value of the vehicle. If you did fall out then the only way to end the agreement fairly would be to sell the vehicle & split the proceeds if neither of you could agree to a settlement.


Personcrankup
10/6/2013 at 2:10pm
 Location: Dorset
 Outfit: Toyota Hiace High Top 4 Berth. View crankup's Profile View Profile   Reply to crankup Reply   Quote crankup Quote  
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Thankyou Tentz - most useful. 

I think we need to agree that if one wants to flog, the other has to be resigned to flogging or buying the other out. 




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