them in work when you’re not in charge.” Regarding the fee, Ali remarks, “It depends on the stage
and level of the horse. The standard is one-third of the horse’s buying price. A short-term lease would be more, because it’s more of an inconvenience to the horse’s owner.” Can a leased horse gain value through its winnings?
“Yes, if a person (lessee) is a good rider, that markets our horse,” replies Ali. “Sometimes a person wants to step into a higher level, so that may not be the best way to increase a horse’s value.” “We receive a lot of older horses that people send to us,
that maybe won’t pass the vet but that are serviceable and have plenty of miles left on them,” explains Daniel. “Leasing that horse can be good for the owner to get some return on investment. The rider has a horse they need just for a year and not have to sell at the end of a year. And they can have a better horse than they could purchase.” Jody notes that a competition horse may have high value, but not be marketable. “A horse may need special shoeing and injections every few months. He is expensive, but requires maintenance.” She then adds, “For the majority of people (lessees) who aren’t trainers, you can’t look at a horse and expect that the horse will gain in value. It can happen with the right trainer and right situation, but generally not.”
CONTRACTS REDUCE RISK A written contract expresses the expectations of both parties. The lessor relinquishes complete control, and a contract can mitigate risks. “Make sure everybody is comfortable with the lease contract,” advises Ali. “We always do a vetting, and add to the contract things that are discovered, or if the horse has an old injury.” Lisa warns, “One condition is to lease a horse that is quite
sound. Make sure he will hold up to the type of work expected.” A horse-friendly contract may specify limits in showing, such as limiting the horse’s show divisions. “That’s so the horse won’t be pushed beyond his comfort zone,” says Ali. “For example, maybe for three months, he’d do only children’s hunters, and then the rider would be ready to move up to a junior hunter.” Lisa adds that the contract might limit the horse to three shows in four weeks. “You want to see how the horse performs—if it’s growing in value or losing value. I suggest that the trainer does keep an eye on what’s going on.” She describes leasing an experienced mare who started stopping and running out. “Hopefully a trainer at the other end would say, ‘This isn’t working out.’”
Jody sets leases by show season and re-evaluates the
contract to determine renewal. “I’m always on the side of the horse and what’s going on with the horse. At that time the contract can be revised by either side.” Leasing has become a popular option. “Leasing is increas-
ing,” says Lisa. “Riders are definitely leasing more than they used to.”
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