With prices of up to hundreds of thousands of pounds for pedigree horses, buying such an animal is no small investment.
Given the sums of money changing hands, you want to be sure you are getting what you pay for. Furthermore, anyone selling a horse must guarantee they are not guilty of misrepresentation or breach of contract.
While a seller is under no legal obligation to disclose problems or defects with a horse, they are obliged to answer any questions regarding the horse as honestly and factually as possible.
If it is discovered that the seller has withheld or concealed any information about the horse prior to the sale, then they are liable for a claim of misrepresentation.
Furthermore, if there is a discrepancy between the value of the horse as received and the price paid, the seller is liable for a claim of breach of contract and payment of damages.
Disputes can also occur between the members of horse racing syndicates, leaving questions about how those leaving the syndicate can realise their equity – whether through having their share bought out by other members or by the horse being sold to an external buyer.
As such cases rely heavily upon interpretation of the contract agreed upon, the matters involved can become quite complex, making it imperative that you seek dedicated legal advice from specialists in this area.
At Pearson Rowe, we can act for the purchaser, ensuring the seller’s representations are correct and legally binding, and protect sellers from potential claims. We can also advise on the valuation of horses, including on the dissolution of a horse racing syndicate.
For more information on any of the high quality legal services provided by our equine law solicitors in Birmingham, please contact us.