I'm going to try and keep this as short as possible...
I have a horse I want to 1/2 lease out to someone. The B/O is basically arranging this for me and has found someone who is probably appropriate. The B/O thinks that this person should just pay 1/2 of the base board each month. This base board DOES NOT include hay or worming (last month, I paid $100 for hay and worming, so this is not just a tiny expense).
I really like this barn and I would be way, way better off with my finances if I could work out a 1/2 lease. But I just kind of feel like the way this 1/2 lease would be set up is really unfair to me... I understand not splitting the vet or even not splitting the farrier, but I feel like hay and worming are really base expenses.
I am a huge wussy and tried mentioning this but was probably not clear enough. I REALLY don't want to offend the B/O at all, and I can't figure out how to phrase my angst productively.
Just tell the BO you're only comfortable part leasing your horse for XXX amount of money end of story. You were probably unclear because you seem to be thinking it over still, people here on this board can help you I'm sure. Once you decide though, stand firm.
Here's some stuff to consider:
Is the board w/o hay & worming at the high end or low end? If its at the high end I can see how a potential part leaser might be put off. Its spring, will the horse require less hay in the summer months? Perhaps you can tell the part leaser that a hay expense will be added on come fall. It also depends how often the part leaser will be riding, for two rides a week probably splitting board, hay & worming could be a bit steep. Also, try asking someone else who keeps their horse at the same place what they think is fair. They know what kind of facilities are available, what's the going rate for the area etc.
I think it all depends - on what the market is in your area for half leases - if theres many people looking for a half lease of a well trained horse at a nice facility (and not many well trained horses at nice facilities available for a half lease), I think you may have success getting half of the hay/worming expense.
Usually it would be 1/2 the board and 1/2 the expenses. You can do it however is agreeable to you both, but get everything in writing (how often they ride, what days, who is allowed to ride, what trainer and tack can be used, if jumping is allowed (w/trainer supervision only?), how high the jumps may be, how often he can be jumped, which vet/farrier to be used, if horse can be taken off of the property/to shows,what happens if horse is unrideable (for how long?), or ring is too muddy to ride, etc.
Make sure amount of pmts are in writing, and that the payments go to you, and you pay the BO. Otherwise if she got behind on board, you could end up with a stablemen's lien on your horse. Plus you don't want the BO charging more for the lease and profitting from it without your knowledge. Make sure you witness the lessee signing.
I think that splitting the expenses more evenly would be more traditional and more fair. But, it does depend on the circumstances. What days do each of you ride? (Weekends are worth more.) How "finished" is the horse, i.e. is the person leasing the horse going to be contributing to the horse's training? Or is that person only going to be doing a little pleasure riding on the side while you show the horse?
I think you should ask the BO what her reasons are for suggesting that the lease be priced as such. And since it is your horse, you are always free to say, "No thank you, I want X amount."
Thanks everyone!! A little more background... the facility is quite classy and board is relatively expensive, but my horse is one of the only ones there out on field board so I don't pay nearly as much as most people.
My horse isn't that highly trained; I'll be showing him 1st level 3 & 4 (dressage) this spring, but he is still young & is constantly improving. The woman who might lease him is not as experienced as me, so she really wouldn't be contributing to his training. She would be riding him 3x/week.
The B/O can be a little touchy, and I guess I'm trying to figure out if it's worth it for me to be firmer and risk offense and a possible falling out or whether I should just decide that it's good enough and just let it be.
We do our half leases by calculating the horses expenses for a year and dividing by 12 and making it a standard fee each month. We put half of it towards board and bank the rest for farrier/vet/etc.
Our half-lessors have found it more than fair and it works splendidly for us- that way, too, if they have to stop the lease right before spring shots, for example, we've already banked some money for that expense, even though they're not leasing the horse anymore.
You are the owner of the horse; for simple practicality, as well as legality and liability reasons, the agreement needs to be directly between you and the part-leaser. So this is how I would proceed:
First, decide what terms, including price, you are comfortable with and draft an agreement. (I have one that I have been very happy with, and have shared with several COTHers.)
Thank the BO profusely and ask her to introduce you to the part-leaser, thank her again, then you and the part-leaser sit down with the agreement, go over it point by point, negotiate it out if necessary, and sign. Then you are good to go! This business relationship (between you and the part-leaser) does not include the BO; she has no interest, responsibility or rights as far as the lease agreement goes.
How to phrase it properly: "BO, thanks so much for locating Suzy for me; I think this will be really great. I appreciate your efforts. I've drawn up a lease agreement I'm comfortable with, and am ready to meet with Suzy to sign it at any time! Can you give me her phone number or email so we can get the ball rolling? Thanks!"
Personally, I have always dictated much more than just price in my lease agreements and would not have wanted to cede control of any of this to another party.
One bit of advice: Make sure that the lease payment goes to YOU, not to the barn. Your board agreement is between you and the BO, so keep that clean by paying directly for your horse's care. The leaser pays you directly for use of your horse, keeping that business relationship also clean.
Good luck! Part-leasing can be a great experience from both sides of the equation!
I agree with what's already been said about payment coming to you and how to approach the BO. In every half lease I've done, I've paid half of all the horse's expenses(ie board, shoes, vaccinations, etc). So just because your board doesn't include hay doesn't mean the leasee shouldn't pay for hay, since the horse obviously needs it! In my lease, if the horse hurts himself when I'm not riding him, then the owner covers any vet costs, but if I'm riding and he gets injured, then I pay. Make sure you have a contract that covers everything that could go wrong just in case(along with basic care, where the leasee can take the horse, if anywhere, etc) and have it signed by the leasee and you. Good luck!
Thanks everyone! All of you have been super helpful (especially ColoredHorse and her awesomely detailed 1/2 lease agreement!) and totally right -- I need to just be a little clearer about what I want!!
I've had part leases on several of my horses and have learned over the years that you have to be very explicit up front and that you need to specify a lot more than just what it will cost . Think about what you feel comfortable letting someone who leases your horse do . . . . can they take your horse off property? Can the jump him? If so, how high/how often? Do they need to use your tack? Do they have to take lessons? What happens when/if the horse is injured?
Partial leases can be great -- don't get me wrong -- but it's far better when you address any and all concerns before they start!
I once ended a free lease when I showed up at the barn on MY day and found my lessor riding my horse. Another time my horse got injured when the woman leasing decided to jump her, even though she was not allowed to jump alone.