Looking for a six-figure competition horse but don’t have the lump sum? How leasing can work for owner and rider
In a follow-up to the four-part series investigating the UK horse sales market, H&H has explored leasing and loaning
As the price of top-level competition horses remains high – what are the pros and cons of leasing?
In a follow-up to the four-part series investigating the UK horse sales market, H&H has explored leasing and loaning.
Loaning a horse has long been an alternative to buying but in the competition sector there is a growing demand for leases. A rider pays the owner an annual fee – usually a percentage of the horse’s value – and a contract is in place.
Leasing can be a way for riders to access more experienced horses or ponies without the outright purchase price. These arrangements are particularly prominent in pony showjumping, where the price for top-track ponies can range from £100,000 to £500,000.
Alison Irvine leased the elite 128cm gelding Bunbury Conquest (Questy) for her daughter Emily, then bought him. When Emily outgrew Questie, Alison leased him to the Widdowson family, in 2021.
“Leasing allowed me to get my foot on the ladder and get a pony that would only have been a dream,” Alison told H&H, adding that leasing can provide the opportunity to compete top-level ponies, without the six-figure price tag.
By leasing Questy out, Alison was able to fund Emily’s next pony, 148cm mare Runard Lass. When she was outgrown, she was leased and the funds were used towards a horse.
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“We get an income towards the next one, but also it allows us to keep them and have that contact. Why sell them and not know where they are? They mean so much, they’re like family,” said Alison.
International grand prix rider Anna Ross told H&H that leasing can be an option for owners if a horse has a flaw or may not pass a five-stage vetting.
“I lease out a mare who has one eye, which obviously limits her commercial value as a sales horse. She wouldn’t pass a vetting, but manages very well and is very happy in her work,” said Anna, adding that in most cases she asks for a deposit and an annual fee of 10-20% of the horse’s value.
“Leases are definitely growing in popularity, and working out pretty well. There’s a great deal of benefit to both parties, as long as the contract is clear. There needs to be a good understanding between the owner and the leaser about how the horse will be cared for and managed.”
Connie Villani, who is involved in sourcing event ponies, told H&H a growing number of people are asking for leases, especially in high value ponies, but that it remains “relatively uncommon” in the UK compared to Europe.
“In Europe ponies are typically kept in a professional set-up and remain in the same environment but go from one rider to the next, which mitigates some of the risks involved with a new partnership forming. I think in the UK, where people tend to keep their horses at home, owners are a little more reluctant,” she said, adding that typically event leases operate at a fee of a third of the horse’s value.
“From an eventing point of view, the risk factor for owners is huge, especially with the cross-country aspect.”
Eventer and agent Fred Scala agrees that eventing carries heightened risks.
“Would I lease a horse in its prime? Probably not. You might not get back the same horse – or they can get injured,” he said.
“But equally, the horse might go well and improve. It’s a different ball game if a nation is leasing a horse to get to an Olympics, in which case if the horse goes well, it is a big opportunity for them and can add value.”
Fred has leased out a number of horses, including his former top ride Everon Vivendi, now 17.
“He’s just gone out to a teenager; it’s great because he’s going to make someone very happy doing a couple of BE100s,” said Fred.
“Ultimately I’d never sell him because I owe him my whole career – but it’s a nice way of him still getting out and about.”
Although leasing might be an appealing option for those not in the position to buy, people need to consider that they might be spending a significant sum, to give the horse back.
“That’s the other side of it, it’s dead money,” said Connie. “You need to hand it back at the end, or if something happens to the horse during the lease. It’s complicated. There’s no right or wrong answer, but leasing is definitely becoming popular because of the economy and the market being a bit slower.”
Agria Grace Law CIC partner Hannah Bradley told H&H the firm has seen an increasing number of clients entering lease agreements.
“Although they do not carry the same risks as ownership of a high-value horse, there are very real risks for both sides, which need to be given careful consideration. Horses are obviously not the same as a car, and there are inherently more risks with illness, injury and the general longevity of a competition horse,” she said, adding that any disputes commonly arise over non-payment, horse management and lease termination.
“It can be difficult to resolve a disagreement. Disputes can arise in the middle of a competition schedule and emotions are often running high. If there are no clear written terms, it can be especially complex.”
Ms Bradley said things to consider and agree in writing depend on the circumstances of both parties and the horse’s characteristics and value.
“Owners should consider the risk that a party leasing a horse may not have the same concern for the horse’s health, maintenance or even welfare as they do,” she said.
“The owner of an older horse or one with historical issues may wish to impose restrictions on the competition level, the number of competitions, whether the horse can be travelled internationally, for example.”
Leasing exists in showing but Glebedale Stud, run by Jill Williams and daughter Kitty Bodily, opts to loan its young Welsh mares instead.
“We find them a good home, where there’s usually more than one child so they can go from one to the next, to do first riddens and lead rein. When they’re about eight or nine they come back to us for breeding,” Jill told H&H.
“We could lease them and it would be nice to have a bit of money, but the home is more important so we normally don’t charge anything.”
A unique loan opportunity exists in eventing, charity Project Pony, which gives talented young riders who might not have the financial backing the ride on proven competition ponies with a view of progressing the next generation.
“Every agreement we have is slightly different, and there are are expectations because there’s a much bigger picture than just loaning a pony,” said Connie Villani, who helps run Project Pony.
“It’s very special to be a part of because we have some very exciting up-and-coming riders, and we’re playing a small part at the start of their careers.”
Loaning remains a common option in the leisure horse market. The British Horse Society (BHS) provides a free template loan agreement, which is downloaded on average 570 times a month.
“For owners who may be currently struggling with time or finances, a helpful option may be to consider working livery with a BHS approved riding school, with some offering long term loan arrangements,” said Gemma Stanford, BHS director of horse care and welfare.
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Since joining H&H in 2018, Becky has covered a broad range of equestrian news including welfare matters, veterinary studies, FEI Tribunal hearings and road safety campaigns. She has also interviewed top riders including Scott Brash, John Whitaker and Ian Stark, to name just a few. Becky’s reporting has taken her to Canada for Spruce Meadows and France for Pau five-star, as well as the Royal Highland and Blair Castle International Horse Trials closer to home. She was also a key part of the remote reporting team for the Tokyo Olympics and the Europeans.