Half Share in horse

[Toby773]

To help a guy out I bought in to a half share in his horse on the proviso it was kept at a yard of my choice and I alone rode it (he is not an experienced rider and this jumping horse is way beyond him - by his own admission). However it seems that we have differing ideas as to what "hal share" actually means.
I take it to mean that every single cost is divided equally between us. He is now saying that is not what he had in mind! His idea being that whilst he shared all expenses such as farrier, teeth, any vets fees, competition costs, etc. the actual cost of his livery and any training sessions I elect to undertake should be paid by me. His argument being that I am getting a lovely horse to jump and he had the initial outlay when he first bought the horse. My argument is that I paid the half share fee he asked.
Everything is verbal, nothing in writing as at the time we planned to get everything signed and sealed he became quite ill and subsquently time has just ticked by.
Just for the record he has not as yet paid any money towards this horse at all!
Your views please and how do I stand legally.

 

[treena]

buy the other half......or, write down all costs incurred and ask to have a meeting with him....suggest that rather splitting the costs down the middle...that he pays for certain things and you pay for others...i do think that you should pay for any lessons or training sessions you do on the horse, as this is your choice...but this might be a better way of doing things...if he knows what he is responsible for, then things should get better....that way he is not going to worry about constantly getting things to pay half for that he hadnt bugeted for...hope this helps...x

 

[Lippyx]

Hang on.... if you both paid half, and he has yet to pay his half... who paid for his half?? If you did, then technically the horse is yours, and you should be liable for ALL costs!
I think you both need to sit down (maybe with a legal person to write it all down) and decide what you are going to do. Is he going to pay his half of the horse? If not, can you have full owner ship?
TBH, if you paid for it, and he is happy to let you have "ownership" and pay towards everything except livery and training then I would be happy with that!!
Training, yes you should pay for it, as you would be doing more with it, but livery should be split 50/50 if you both own the horse.

I think you need to start from scratch and get a contract drawn up, stating that if one wants to pull out of ownership, the other gets first refusual in buying the horse out right for an agreed price.

Firstly, you need to establish who actually owns it.... he still owes someone money for it!!

 

[Toby773]

Thanks Showdiva. This guy doesn't think he should pay half the weekly livery cost (agree re any lessons I have) - only 1/2 farrier, etc.
Should I expect to pay the full livery cost even though I have bought only a 1/2 share?
In the time I have had the horse he says the horse's value will have increased so wants me to pay a heck of a lot more than I paid in order to get a full share.
He says I am being difficult and will let someone else ride the horse. BUT I refuse to let this horse out of my sight until the finances have been sorted otherwise I suspect I will never see a penny of any expenses back plus I will lose my 1/2 share as he says he can't buy me out unless the horse is sold (and of course I don't want to sell my 1/2 share).
Need someone who knows about the legal side of things me thinks!!!

 

[siant2]

I had a similar situation whereby the person whom I had bought a horse with (50:50 split) couldnt afford the upkeep bills which we had agreed to split. I logged all the costs incurred to myself - livery bills, feed, shoes etc and kept reciepts then after 6 months of her still not paying up I realised she wasnt going to pay up as she had no money.....

So we met and discussed that she no longer had anything to do with the horse and that her share in the horse was transferred to me and neither party owed any more money (as the money in Bills amounted to more than half the original cost of the horse which she had put in and i couldnt be bothered to fight for any more money)

I got this in writing and this was signed and I am now the sole owner of the horse and all the bills are all mine (yipee).

No idea where you stand legally at this present time but I suggest that whatever happens from this point forward is documented and signed by both parties and solicitor

 

[Tickles]

I read the subject line and thought it would be about someone considering this idea. Was going to say 'don't do it, too complicated!'. Instead I'll say 'stop doing it!'

If you really want this horse I think you should buy him out. Otherwise sell it. Or maybe persuade him to buy you out but you then take the horse on a full loan?

If he never had any intention of riding/caring for this animal it sounds as if he 'bought' (although didn't actually pay?) it as an investment. So, he might be expectign to make a return...

You really, really need to get everything in writing. Maybe go for a coffee/beer/whatever initially and try to get it sorted informally in a friendly way but with a bit of paper that you both date and sign (with witnesses!). Take a look at the BHS loan agreements to get an idea of the areas you need to cover?

No reason why you can't agree installments if you'd both struggle to pay up front.

 

[Tiffany]

Half share to me would mean I'd pay half of everything with exception of lessons, training, competing which I would think should be down to me because it would be my choice. Agree that you should sit down with him and discuss in detail so you are both perfectly clear about who's paying for what.
When you say he's not paid anything yet, do you mean livery etc?

 

[somethingorother]

erm, i'm sorry if i have mis-read, but you told him that he couldn't ride this horse (which is half his)? You get to ride it and jump it etc but he just pays half the costs? I can see why he is not happy, i wouldn't be either with a deal like that. Fair enough if you can both ride you can both pay half, but it sounds to me like this guy is getting a bum deal.

Buy the whole horse and pay for it yourself, or find a share or loan. Unless the horse is a mega star in the making and you are 'training' it so that it increases in value? In which case he should be paying you if you're that good a rider that you can improve it.

Sorry if i seem blunt but from what info you have given us i am left feeling a bit confused about how you think this should work and how it is fair? Please elaborate or correct me on anything i have misunderstood!

 

[natalia]

I can see why he would be angry, it sounds like he bought as an investment, not a pet! Sell it, buy him out, basically just get out of it!
I have a half ownership of a few of mine on the basis that i do all the work, half owner pays the keep bills. We split the profit when one gets sold, minus entries, shoes, teeth, etc. which is all written down and paid back to whoever paid out in the first place. Works well for us, and I've done 50/50 with others before, but not on horses that are for keeps!

 

[Toby773]

I have not told him he can't ride the horse - by his own admission, he is not capable of riding it (beyond hacking and basic stuff).
He refuses to pay 1/2 the weekly livery; quite rightly he doens't pay for any training clinics I go to (as that is my choice).
The original plan was to "see how far the horse could go" but now he is talking of selling.
He wants to move the horse to a yard to be sold but I have a horrible feeling that I could lose all my money - my 1/2 share payment + expenses - if this horse leaves before I get any money as he can't afford to buy me out.
Further thoughts please