# Buying my loan horse



## meeshybob (6 June 2013)

Hi all, new to posting but I've been reading posts on here for a while. Thought I'd ask people's opinions. I've been loaning my mare for 6 years now and I've been offered the opportunity to buy her. She's the perfect horse for me, so easy to do and safe out on hacks etc that I didn't even hesitate in saying yes.

However I know nothing about buying a horse! I've heard people mention insurance & vettings and I don't know where to start. She's been in perfect health for the years I've ridden and we only go hacking at present. I am likely to be paying more for her than what most people would pay for her in the current market (she's almost a veteran - but you wouldn't know it) but I've always said I'd pay whatever was asked for the right horse - the idea of arguing over a couple of hundred pounds seems ridiculous when I love her to bits.

So what do I need to do? 

Once I buy her I'll only be hacking and maybe some local shows (she has a cracker of a jump on her when I'm feeling confident so I'd love to get back into it!) - what sort of insurance would I need? And do I have to have her vetted for insurance to be valid? 
I'll be keeping her at her current yard on grass/diy livery. Any tips on what I need to get in writing etc about what is or isn't included? 

Sorry, totally new but I've waited 20 years to get my own horse so I'm glad that I've finally found one that I can call mine!


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## Amymay (7 June 2013)

All you need to do is withdraw the money and pay the owner.

It's sensible to ensure you have third party liability insurance.  And insurance for the horse to cover medical bills.

You certainly don't need to have a vetting done. (What would be the point?  You know this horse inside out).


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## Antw23uk (7 June 2013)

amymay said:



			All you need to do is withdraw the money and pay the owner.

It's sensible to ensure you have third party liability insurance.  And insurance for the horse to cover medical bills.

You certainly don't need to have a vetting done. (What would be the point?  You know this horse inside out).
		
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This.


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## Booboos (7 June 2013)

It's also worth getting a receipt from the owner just to have proof that money has changed hand and what was a loan is now a purchase. Also clarify with the owner how many of the mare's things come with her, e.g. I would expect a loan horse to come with tack but not a purchased horse. Since you have had her for so long the owner might be willing to throw in her tack and rugs with the purchase price. 

Third party liability is a must, it covers you in case your horse causes damage to other people or property. Vets fees insurance can be a good idea, but read the small print carefully and be sure you understand what your excess is, how much the insurance would pay in total, etc. Keep in mind that not all insurance companies cover oldies as this is the time when they start having a lot of claims.

I always go for a vetting but since you have known the horse for a long while perhaps it is a waste of money.

Oh...and congratulations and enjoy!


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## Elsiecat (7 June 2013)

I agree with everything said above. Congrats


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## ZoeF (7 June 2013)

amymay said:



			All you need to do is withdraw the money and pay the owner.

It's sensible to ensure you have third party liability insurance.  And insurance for the horse to cover medical bills.

You certainly don't need to have a vetting done. (What would be the point?  You know this horse inside out).
		
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This is all you need to do, also would be good to get a receipt and confirmation in writing that the loan contract has been terminated as you have now purchased her and a list of any tack etc which is part of the sale (you just never know so always best to cover yourself). 

Enjoy yourselves


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## skint1 (7 June 2013)

Congratulations! 

I bought my loan horse recently, I agreed a price with the owner and what other tack etc was included in the price, I paid via BACS and did an itemised receipt which we both signed.

I didn't get her vetted because I already knew what her health limitations are and the don't effect her suitability for what I want to do with her.  I insure all my animals for public liability and also vet fees so I just added her to that.  She's on the same yard as she always has been so I just let the YO/YM know and that was that 

Wishing you many happy times together!


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## hayinamanger (7 June 2013)

Ah, that's a lovely post  Yes, get the deal done asap. BHS Gold membership will give you public liability cover + other benefits, it costs about £60 a year. Let us know when she's all yours and we'd love to see a piccy or two.
Good luck!


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## Bernster (7 June 2013)

A handy post.  My wonderhorse is about to be sold to his loaner, so I was wondering what I needed to do paperwork wise, as it's not quite the same as a standard sale situation.  Thanks !


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## chestnut cob (7 June 2013)

Bernster said:



			A handy post.  My wonderhorse is about to be sold to his loaner, so I was wondering what I needed to do paperwork wise, as it's not quite the same as a standard sale situation.  Thanks !
		
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I sold a previous horse of mine to the family who'd loaned him for the prior two years.  We agreed a purchase price and what was included (all of his tack and rugs as I had no need for them - wrong size for the other horse I had at the time).  They gave me cash and I wrote a receipt / bill of sale.  They chose not to have him vetted as they'd had him for 2 years and knew about any potential problems.  That was maybe 5 years ago and I still hear from them now - he's 17 or 18 now and still going strong


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## EQUISCENE (7 June 2013)

I bought my loan horse last June after 6 months of loaning just knew she was right for me - it took a bit of persuading to get the owners to sell. I didn't have her vetted as I considered I had a really good trial!    Love her to bits and old owner still comes up and sees her and rides occasionally which is lovely..


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## henmother (7 June 2013)

Aw this is lovely, happy stories of people buying their loan horses, i know my girls owner would never sell, congratulations buyers


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## meeshybob (8 June 2013)

Thanks everyone that's really helpful. Good advice on checking about her things - she was on loan with saddle & bridle but I bought her a new bridle so gave her original back, I'll definitely need to check about the saddle. All her rugs were bought by me so at least I have those 

So excited, can't wait to get the deal done (soon just sorting out the last bit of my finances!) 

I'll have to start looking at insurance - I had riders insurance but need to insure her for 3rc party & vets fees. Any recommendations?


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## hayinamanger (8 June 2013)

Petpan, NFU, KBIS are reputable.  There is a very cheap one which you should definitely avoid.


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## Cinnamontoast (8 June 2013)

KBIS, SEIB. NFU seem to charge silly money these days. Avoid E&L or anyone underwritten by them. You should consider what cover you want (public liability and vets fees are essential, IMO and you can choose up to how much vets fees cover should go, the standard is normally £5000 per issue) so phone them up and discuss your requirements as well as the excess.


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## poiuytrewq (8 June 2013)

Years ago I bought my loan horse. Best ever decision and such an easy first buy. No hassle or guess work. I didn't get a vetting, like you I knew his problems and knew he was pretty much pony perfection. I had a smooth 18 years  
Go for it x


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## oldie48 (9 June 2013)

You'll also need the horses passport for change of ownership. Don't know how old the horse is but you may need it vetted to get insurance for vet fees if it's currently not insured/classed as a veteran, but your insurance company will tell you what they want. Lucky you to be able to buy a horse you already know so well, I think it's always a bit of a lottery buying an unknown horse!


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