Loaning or gifting your former racehorse
We are often asked if there is anything that can be done to safeguard the future of a horse that is retiring from racing and in conjunction with the National Trainers Federation, if an owner wishes to either gift or loan their former racehorse, the templates below can be used to ensure safety and the ability to place restrictions upon a new keeper disposing of the horse without the owners consent.
Loaning your former racehorse
Loaning can be beneficial for both the loanee and the owner. Buying a horse can be expensive so many people look to loaning a horse instead as it removes the initial expense but comes with the same responsibilities as owning a horse. The benefit to the owner is that the loanee cannot sell or rehome the horse without the owners consent.
When loaning your former racehorse to a new keeper the following tips will help to safeguard its future whether directly out of training or already retrained. We recommend you:
- Ensure a legally binding loan agreement is agreed and signed by both parties. This will set out the exact terms of the loan and responsibilities of each party.
- Keep a full copy of the horse’s passport and notify the PIO that the horse is on loan.
- Request references. This may be from horse owners they have loaned from previously or provided general care and support to. Alternatively, you may turn to a previous employer if they have worked within the industry, or a riding instructor, vet or other equine professional.
- Be prepared to regularly visit the horse at his new home in order to check how he is getting on. Any individual who is not happy about you doing so should immediately raise alarm bells.
We have developed a template loan agreement, designed for use when a suitable loan home is found. We would always recommend that you seek legal advice prior to entering into such an agreement.
Protecting horses gifted out of racing
The NTF has produced a template 'deed of gift', designed for owners when gifting racehorses out of racing, to ensure safety and the ability to place restrictions upon the new owner selling or otherwise disposing of the horse, without the owners consent. We would recommend observing the above tips prior to gifting your horse to a new owner.