another Q on the subject of buying.

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Christmas_Kate

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How do you normally pay for a new horse?

I would prefer to pay cash (obviously when we find something we like), but OH is adamant he wants to pay via cheque so that he has proof he's paid. Bearing in mind a cheque takes 5 days to clear, if we did pay like that what's to say someone with cash didnt come along before cheque cleared and buy it?
In this instance would it be wise to leave a deposit?? Or get something in writing? If so, what?

sorry, i do worry too much about the silliest of things.
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I just want to be sure of these things as I never really thought of them before.....
 
i paid cash and got a hand written reciept/contract thing saying how much i paid, wot 4 and wot conditions it was on. both me and the seller signed our copies and off we went!
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I paid cash for my IDxTB and fully intend to do the same should I buy my new one who I have on loan. You make sure you get a receipt and the receiving of their passport tends to be proof of purchase I think these days...
 
I have always paid cash and got a hand written recipt with horse details,price date cash paid ect signed by myself, the seller and a third party if possable.
Not had any problems that way.
 
Have always paid by cheque....and in some cases a post-dated one...where they wouldn't offically give me a trial but gave me a weeks grace. Owner held on to passport until cheque cleared
 
I always pay by cash. If your oh wants proof of paying why not do an overnight bank transfer. Thats what the buyers of my warmblood did - which tbh I was happy with cause I didnt want to be carrying that round! I think you have to do it from a branch and it may cost you a fee but it is peace of mind and swift.
 
There's nothing wrong with paying cash & getting a receipt signed. If you want you can prepare your own receipt with all the details on it & take it with you for the seller to sign. I've done that before & there has been no problem.
 
Usually bankers cheque and have no problems with that.That way I get horse they get money,straight swap.Mainly cos I really don't like holding a lot of cash!!Always scared I loose it!!!
 
bank transfer if he's wanting a formal payment method, though can't see what the problem is with cash if it's not thousands & thousands. Why not produce x2 receipts/bills of sale & have each party to sign them when you exchange cash, then you have the formal evidence, you can also make the receipt a little more
detailed in case anything doesn't add up afterwards.
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I always pay by cash, but have accepted Building Society cheques as they can't be cancelled and the money has to be in the account for the BS to write it. I wouldn't mind a transfer into my account either.
 
Cash, all cheques are stoppable (even BS ones!) or money transfer. Agree with the 2 copies of reciepts signed and one kept with vendor one with purchaser.

Not quite sure how you get around the cash thing with the new Money Laundering rules though (limit of £3.5k on cash sales)

Personally wouldn't accept a cheque unless the horse was staying with me until cleared into my account.
 
Oh didn't realise you could stop bankers draft!!Wish I knew that before.Once paid for a horse with this and it turned out to be a habitual rearer and didn't stop cheque as thought I couldn't!!It would have saved a heap of hassle and time!!(they did EVENTUALLY take horse back but only cos I had independent witnesses that horse was known for this)
 
Cash. Although for larger sums you could ask your bank to do a CHAPS electronic transfer. It costs around £10, I think; money moves overnight and unlike cheques or bankers drafts the money clears into the new account immediately (and cannot be recalled).
Agree that cash is nerve-wracking. Withdrawing thousands, making sure it is properly counted, then carrying it around with you etc....nightmare.
Whatever you do get a proper receipt signed and dated by both parties and a witness, and stating the full amount paid.
 
We paid a cash deposit and the outstanding amount by bank transfer. No way in hell was i wandering around with that sum of cash on me.

The horse was in posession of our mutual trainer throughout, although i rode him and took care of livery and upkeep costs.
 
Have always paid in cash for my horses, and when I was selling would only accept cash. Much safer IMO as all sorts of things can happen to cheques! I have always made sure I get a receipt for my horses though as proof of purchase
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Since the guy who did some tiling work on our house got paid £1500 in fake notes, there is no way I would be willing to take a cash payment on a horse unless they came to the bank with me and handed it over themselves.
 
would never pay cash. Just give a cheque get a receipt and collect the horse once the cheque has cleared. seems far simpler to me than getting all that cash, anyway people who deal in horses that only take cash are avoiding the tax man, dont see why I should help them comit crimes
 
As trade, we always ask for a deposit which is valid for 7 days unless otherwise agreed. After 7 days the horse will be re available to others.
If a deposit is left on subject of a vettin, the deposit is only returnable if horse fails.
We always ask for cash, and always give a recept.
We dont like taking cheques but if thats what they ask to pay by, the horse will not leave the yard til it has cleared, but we wouldnt sell the horse for cash while the cheque is clearing. Thats just rude!
 
I paid cash for my horse, but that was one of the reasons why horse was so cheap as owner needed the CASH.

as i was under 18 at the time, i had to go down to the bank everyday for a few days withdrawing £200 each time
 
When I buy I always pay cash.

Any horse I sell, I have to say I do expect cash, however if they pay by cheque then the horse does not leave the property until the cheque has cleared.
 
This was OH's thinking, if we left a deposit and paid by cheque after vetting, then collected horse after cheque had cleared (5 days). If someone pays by cheque do you request livery costs for those 5 days? My friend was asked for this, and I don't know if that's normal practice?
 
Cash is best, a hand written receipt is perfectly acceptable as proof.
Paying by cheque is iffy for several reasons, if the horse drops dead it is technically his! From a seller's point of view I would not allow a horse to leave my premises unless the cheque had cleared, banker's drafts too are a no no, though Hero's buyer actually worked for Barclays so I accepted one from her.
Most sellers prefer cash, at least you can see it as real money..
 
Not by me they wouldn't be charged. The horse is still owned by me right up till the moment the money is in my bank account therefore no I cannot possibly charge someone livery money for an animal which is still in my legal possession.

All of the horses I have sold have thereafter remained boarding at my farm for some time before the owners have collected them. The moment the full payment is made, that is when livery charges commence.

I can't see how any yard could possibly ask for livery charges for a horse which they still own?
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