Do I need a lawyer?

Of course it is legally binding, even verbal contacts are legally binding although, of course, written contracts offer more concrete proof of what has been agreed. Enforcing the contract is another matter entirely purely because of cost considerations.
 
No - you don't need a lawyer . And I am one! At least not in the UK. As I typed that I wondered if you might be outside the UK? There are countries - including several states in the US - where an agreement is not binding unless notorized.

On the basis that you are in the UK then.... No you don't need a lawyer either to reach a contract agreement or to enforce one. The only use for a lawyer would be to ensure that you have suitable wording and that everything is covered. But the BHS have done that for you in the template. Read it carefully - make sure it reflects what you actually want to have there and both keep signed copies. Don't be afraid to change bits if you need to. Keep the language plain and simple - don't lawyer it up.
 
I agree you don't need a lawyer. That BHS document was mainly my work - but it was double checked ( and amended) by a VERY good lawyer who is also a horseman.

But - even more important is to check out the loanee. Google is a friend there - you can find ANYONE. If it's a common name, add location +horses to the search.
 
And (at the suggestion of Horsewatch) add a clause forbidding the sale of the horse while it is in their care. Without it it is a civil matter if the horse does get sold, with it it is fraud and the Police will take action. That's what they advised and it can't do any harm and might be well worth while.
 
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