Name: Sophie Garrett

Company: yours2share

Website: www.yours2share.com

• About Sophie
• Fractional Ownership
• Advantages of Fractional Ownership
• Fractonal Rental

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About Sophie Garrett

 

Sophie Garrett launched yours2share to connect like-minded people who want to share property or any other valuable assets, either through fractional ownership or fractional rental.

 

The idea for yours2share was born out of her frustration when she tried to find someone to share her second home, a cosy cottage in Suffolk, which she only used every other weekend. Extensive searching on the web did not provide any solutions or partners. There was no service that enabled people to find each other – but she met several people who had found each other by accident and created their own fractional rental agreements, so she felt that there was a need for the service.

But then her father made me want to explore the fractional sharing concept further. He had always wanted a holiday home in Mallorca, but the costs are prohibitive, he did not want to be involved in commercial lets and with letting agents, and most friends already had a summer base, so were not interested in sharing. How could he find someone that he trusted, with whom he could jointly own or share a villa?

This made her realise the need for a service where people could not only find people to rent a second home on a fractional basis, but also 'meet' like-minded, potential co-owners.

Further research revealed the relatively new fractional ownership industry offering shares in specific property developments, usually highly luxurious.  Whilst yours2share is primarily designed for private individuals, third party agents are also welcome to advertise their fractional shares on yours2share, so that members can see all the options in one place.

 

yours2share has extensive guidance to help people to create their own fractional agreements, together with template contracts.  The website is free to use and completely independent.

  

 

Fractional ownership

 

Fractional ownership is the term for more than one person owning the title of a property or other valuable asset.  The owners collectively own the asset title rather than just the right to use it. There are already several major fractional ownership property schemes worldwide; particularly in the USA and a few in the UK.  Most schemes are highly exclusive and, if they offer what the buyer is looking for, they are an ideal way to become a fractional owner.  However, prior to the launch of yours2share, few options existed for most potential fractional buyers.

 

Examples of fractional ownership include:

 

w   Sharing a holiday villa or ski chalet – four owners each using it for three months a year

w   Sharing a weekend cottage – three owners each using it every third week/weekend

w   Sharing a city flat: two owners, one using it during the week, the other at weekends

w   Sharing a permanent home – for first time buyers

w   Sharing a house – two owners, one who lives there, the other is purely an investor.

 

Advantages of fractional ownership include:

 

 

w   Reduced purchase and running costs

w   Property stays in better condition because it is used more often

w   Better security as the property is empty less often

w   Better use of resources - more environmentally friendly and socially conscious 

 

Fractional rental

 

Fractional renting refers to the process of renting a property for some of the time on a recurring basis, such as every third weekend or for three months of every year. It is growing in popularity for weekday only rentals, and for sharing second homes. 

 

For landlords, fractional renting is a great way of generating income: either from a spare room, without having to share their home at the times when they spend more time at home; or from a second home, without the inconvenience of holiday letting and the ability to use the property exactly when they want. 

 

For the tenant it offers a much pleasanter and usually cheaper option than long distance commuting or staying in a hotel; or provides a regular holiday home that will feel more like their own, without the cost and commitment of purchasing the property themselves. 

 

Specific examples of fractional rental agreements include:

w   Someone with a holiday villa, that they don’t want to holiday let or want to use for most of the peak season, could look for someone to rent it for a certain number of weeks or months of the year every year, at times to be mutually agreed. 

w   A property owner going away every weekend, or nearly every weekend, could look for people who need a property only at weekends or maybe every other weekend? 

w   Someone visiting a place regularly, say 50 nights a year, could look for someone to rent them a room occasionally, giving them a proper base as an alternative to living in a hotel.

 

With all these scenarios the landlords make less money than by renting permanently, but for anyone who cannot, or does not wish to, have full time or holiday-let tenants, it can be attractive. It may also provide extra benefits, such as keeping the property occupied (keeping it in better condition and more secure) plus maybe a little plant watering or pet sitting.