Purchase Advice (transfer of funds)

[lamlyn2012]

I am glad it was not just me then. I also had the same trouble with the bank not releasing my money! They asked if I had owed a horse before, had I seen it ect. It took an extra 24 hours to get the money. I felt like they were being my mother . Mine was also on sales livery and she wouldn’t load horse before she saw the money. It was to protect her reputation which was fair enough.

Yes, I had questions like that too. It was obvious the person on the other end of the phone had no horse knowledge. They did xfer the money eventually but it was very stressful . As if buying a new horse isn't stressful enough.

 

[MummyMoo]

With payment on arrival, I was thinking the vendor had agreed to deliver as part of the deal.

No, they have given me a number of a transportation company that they use.

 

[PeterNatt]

The seller needs to provide you with a ..... (Dated Letter) letter with their full name, address and telephone number(s) which you need to verify and also include details of their bank account. The letter needs to state " I agree to sell a ...... (Height) ...... (Age) ....... (Colour) ....... (Horse) ............. (Pasport Number) ....................... (Micro-Chip Number) ....................... (Freeze Mark) to ................................. (Your Name) and .......... (your Address) for the sum £.......... in figures and words).
You need to ensure that the horse is insured and that whoever transports it is also fully insured and licenced to transport horses. The funds need to be transferred to the owner of the horse at a time and date agreed between the buyer and selller (either prior to it being transported or at the point of delivery). Good luck!

 

[Belmont]

I bought a horse last year, privately. I paid a 10% deposit when I agreed to buy him on the Friday, then I paid the remaining amount on the Sunday evening and the transporter collected him Monday morning. I was worried if I left it until the Monday when the transporter was there, that my banking app may be down, so wanted to make sure she had the funds in good time, I just had to take the risk. I however arranged the transport.

 

[MummyMoo]

The seller needs to provide you with a ..... (Dated Letter) letter with their full name, address and telephone number(s) which you need to verify and also include details of their bank account. The letter needs to state " I agree to sell a ...... (Height) ...... (Age) ....... (Colour) ....... (Horse) ............. (Pasport Number) ....................... (Micro-Chip Number) ....................... (Freeze Mark) to ................................. (Your Name) and .......... (your Address) for the sum £.......... in figures and words).
You need to ensure that the horse is insured and that whoever transports it is also fully insured and licenced to transport horses. The funds need to be transferred to the owner of the horse at a time and date agreed between the buyer and selller (either prior to it being transported or at the point of delivery). Good luck!

Thanks very much for this

 

[MummyMoo]

I bought a horse last year, privately. I paid a 10% deposit when I agreed to buy him on the Friday, then I paid the remaining amount on the Sunday evening and the transporter collected him Monday morning. I was worried if I left it until the Monday when the transporter was there, that my banking app may be down, so wanted to make sure she had the funds in good time, I just had to take the risk. I however arranged the transport.

I was thinking of doing the same but knowing my luck, something would probably happen to him overnight

 

[honetpot]

The seller needs to provide you with a ..... (Dated Letter) letter with their full name, address and telephone number(s) which you need to verify and also include details of their bank account. The letter needs to state " I agree to sell a ...... (Height) ...... (Age) ....... (Colour) ....... (Horse) ............. (Pasport Number) ....................... (Micro-Chip Number) ....................... (Freeze Mark) to ................................. (Your Name) and .......... (your Address) for the sum £.......... in figures and words).
You need to ensure that the horse is insured and that whoever transports it is also fully insured and licenced to transport horses. The funds need to be transferred to the owner of the horse at a time and date agreed between the buyer and selller (either prior to it being transported or at the point of delivery). Good luck!

I also put passport present and get who ever collects to sign it, with cows I also ask them to check the ear tags and any other checks before they load.
The last one I sold by bank transfer it took nearly two hours to go in to my bank account, I will not allow anything to leave before its gone through.

 

[Puzzled]

I would never let a horse leave without full payment. Be aware however that numerous transactions frequently get flagged up for fraud, this happened to a friend of mine yesterday. It also happened to me on two occasions when selling horses. One poor lady sat waiting for eight hours before her bank finally cleared the funds but there was no way I’d let a horse leave without payment.