Buying a horse on instalments

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jumpingjack123

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Hi All
This is a very quick post as i am looking for advice ASAP.

I have seen a horse i like a 15hh TB and have agreed to buy it on instalments. I am putting down a deposit and then the horse will be paid off in full in 7 weeks time. The horse is staying at the present yard.

We are meant to be signing our agreement and paying the deposit today but the person has said they were riding the horse yesterday and then again today.

I dont know how to feel about this and wondered what others thought? The guy i am buying the horse from has asked if he could still ride which i said only if i am there as i will be taking over vets bills and insurance and god forbid anything happened.

What would you think? x
 
I have put in there and said that they can only ride if i am there but i was just a bit unsure about how i felt about them jumping the horse yesterday and taking it out again today knowing we are exchanging agreements and money tonight.

Is this normal to have a few last rides? i am not sure as i have never sold a horse before. I just want to make sure that the person does know that the horse is actually being sold

Thanks x
 
Sounds like a very grey area. If I was the seller I would feel like I hadn't transferred ownership until he was paid for in full. Can you just buy him outright and avoid the 7 week confusion period? Of course I have no idea how you stand legally but just my thoughts.

Fwiw, I would never sell to anyone paying in installments but again that's just my opinion.
 
even if you were buy it in full today they would be well within their rights to ride the horse until you pay and ownership changes hands.

but what you are experiencing is a downside of paying by installments-the current owner wants horse to stay at current yard until paid for in full (i can understand that), you dont want current owner riding what you see as your horse (i understand that too)

you need to speak to current owner and agree something between you as you have to agree.

selling/buying by installments is not something i would do as too much can go wrong
 
We once sold a pony and the new owner paid in instalments. After the agreement was signed by both sides I didn't ride the pony again as I didn't feel like I owned her anymore. TBH unless you have actually signed an agreement or money has changed hands the horse still technically belongs to the old owner so you can't really dictate what they do.
 
Owners that can't let go would be ringing alarm bells for me. I'd personally pay outright and get the horse in to it's new home
 
Once you have paid for a vetting and agreed a deposit it seems odd that they would jump the horse without explicit consent. I'm not keen on instalments myself but in this financial climate it may be the best way for someone to ensure a good home.
 
You have to establish at whose risk the horse is whilst some of the purchase price is still outstanding. If the horse is at your risk according to the contract, then they should not be riding the horse, because in the event of harm to the horse you would be liable to pay the rest of the price. If the horse is still at the seller's risk then he might well be entitled to ride it as per the contract.
 
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