Deposit for a horse/paying in full for a horse?

Birker2020

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18 January 2021
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1,105
Just out of interest before I start looking for another horse..... what is the usual deposit amount that you leave a vendor for a horse you intend to have vetted?
And do you say that you expect that it will be returned if the horse fails the vetting - is that the usual way you go about things?

Having bought six horses now in my lifetime I never had to leave a deposit for the last five but they were from dealers and they knew I was interested.
The last time was 1987 and I have no idea how much we left then!

And how do you normally pay for the horse? The money will be in my building society account so should I leave it in there and get them to do a transfer of funds or should I have it transferred ahead of time into my bank account so I can pay for it on the day the horse passes/collect the horse?

Before I've used a Bankers Draft and they always seemed to be happy with that. TIA.
 

Goldenstar

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28 March 2011
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39,675
I have never paid a deposit .
We pay not more than 20 k .
Now I just do a Bank transfer when the horse passes the vet .
 

Hanno Verian

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22 December 2004
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606
Depends on value of the horse and whether other people are interested, I've paid 10% deposit payable by bank transfer which basically says "Do not show the horse to anyone else" - I would make it clear that it is subject to passing vetting, you need to specify the level of vetting and whether you are having additional X Rays above 5 Stage etc and get them to agree to full refund if it fails - For me that would be a starting point for further discussion if the horse failed not neccessarily a walk away.
I would then pay the balance on collection whilst I'm physically there collecting the horse, or my agent is. It can take a little longer to transfer funds if its a large amount, I had this with selling a trailer it took 45 min for the transaction to go through. If its above £10K then I would speak to your bank and ask their advice as you could be delayed by money laundering checks.

Do you know the seller and are they a dealer?

Make sure you get a receipt and the passport
 

Birker2020

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Joined
18 January 2021
Messages
1,105
Depends on value of the horse and whether other people are interested, I've paid 10% deposit payable by bank transfer which basically says "Do not show the horse to anyone else" - I would make it clear that it is subject to passing vetting, you need to specify the level of vetting and whether you are having additional X Rays above 5 Stage etc and get them to agree to full refund if it fails - For me that would be a starting point for further discussion if the horse failed not neccessarily a walk away.
I would then pay the balance on collection whilst I'm physically there collecting the horse, or my agent is. It can take a little longer to transfer funds if its a large amount, I had this with selling a trailer it took 45 min for the transaction to go through. If its above £10K then I would speak to your bank and ask their advice as you could be delayed by money laundering checks.

Do you know the seller and are they a dealer?

Make sure you get a receipt and the passport
Hi thanks for the advice, horse will be in the region of £7K - I've not really looked yet, I'm just preparing myself by getting a quote for vetting, bloods, xray, etc, etc.
I need a couple of weeks to chill before even thinking of looking - I start my new 2 year plus contract on Monday so need to concentrate all my efforts on that to be honest.

It a completely new start for me in terms of horse and job and a bit daunting if I'm honest.
 

Bernster

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Joined
14 August 2011
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6,715
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London
10% deposit is common but depends on total value, might be a few hundred just to secure pending vetting. Bank transfer, generally takes around 2 hours provided doesn’t get flagged for a fraud check. May be quicker if you’ve sent the deposit payment as they are already set up in your account.
 

Lindylouanne

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2 November 2013
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10,025
Location
On the edge of the Cotswolds
I put a deposit on my last pony because I wanted him and I had no chance of going back for a second viewing as he was in Somerset and I’m in Oxfordshire. I got a receipt, dated and signed by both parties and it was returnable dependent on the vetting. With DP I bought him from a friend so just did an international bank transfer for the full amount once his import papers had been signed by the German vet.
 
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