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I have a couple questions.

One, what is the difference between the two? Off property leasing is pretty self explanatory, but what does it mean to fully lease a horse vs part board? I'm assuming you share the horse and costs with someone else in a PB and basically you rent the horse in a lease?

Also, how common is it? I see dozens and dozens of PB/lease ads and was just wondering how many people choose this option.
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Terms will depend on the individual arrangements - there is no one way of doing things!

I had a great experience with my partial lease horse! My monthly fee was part of the horse's monthly board, and it granted me plenty of access to the horse, while the owner was still responsible for farrier & vet & ultimately the boarding facility. Biggest things to consider (aside from whether the horse is suitable) is to get your terms spelled out in advance and then keep an open line of communication with the owner.
 

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Agreed- talk to the horse's owner and see exactly what the details are.

In my world, a full "free" lease entails the rider paying board, farrier, and possibly regular vet bills. You're financially responsible for most upkeep of the horse, and get to ride (within reason) as you please. Some owners will let you do as you want with the horse (hauling to trails or shows), or you may be limited to staying on the property. Depends on the terms. You have full access to the horse, pay its bills, and the horse responsibilities go back to the owner at the end of the lease. Depending on the horse and the situation, it can be viewed as a great deal for both parties (owner doesn't have to pay for upkeep and horse gets worked, rider gets access to a decent horse without paying the purchase price, and horse goes back to owner if/when either party ends the lease). If you're not financially able to handle the long-term committment of a horse, you're looking for an older, quiet horse to learn on, can be a good thing. On the flip side, some could view it as a negative arrangement for the rider- you pay for and train a horse, and when the lease is up the owner gets the result of your hard work. Look closely to see if you'll be getting a good benefit from riding a given horse, or if you'll be paying to train someone else's horse.

A half, or partial lease, would generally be that the rider pays for half of the horses expenses (half board, farrier, and maybe half of the regular vet stuff) in exchange for riding three days a week. Great if you don't have the money to pay for full board, don't have the time or inclination to keep a horse in full work, etc. It can be a bit trickier because you'll have to manage your schedule around another rider, but I've seen it work nicely. Some part lease situations may have different stipulations- maybe more or fewer days of riding.

Just make sure that you get EVERYTHING down in the contract before you commit. Everything including who is allowed to ride the horse, where you are allowed to bring the horse, what tack is to be used, when to call vet and farrier, who is to ride on what days, who is to pay for what, pretty much anything you can think of and then some. Better to have it in writing than have an issue come up because you didn't know that you weren't allowed to ride the horse down to the neighbor's property.
 

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A partial lease generally means limited use of the horse but also limits your cost liability and you do not have to take care of the horse. Full leasing usually mean you pay for everything and use the horse whenever you want.
I'm not sure what you mean by partial board when speaking of leasing a horse. Almost everyone in my area that boards does a "partial board" which means we provide the feed, hay, blacksmith, vet or any other service to our horses plus clean our own stalls. The BO usually provides sawdust, disposal of manure, and feeding/watering twice a day.
A horse lease agreement can be modified to any and all situations and it's very necessary to protect both you and the owner.
 
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