Buying a restoration project with no V5
Discussion
As I understand it, and I most definitely am not a lawyer, when you apply for the V5, the DVLA write to the current registered keeper and give them 6 weeks or something to object. If no objection, the DVLA issue you a replacement V5. From that point you are the registered keeper.
However, being the registered keeper is not the same thing as being the owner (although the two are usually the same person). Therefore, when you buy the car, get a receipt stating that the vendor has the right to sell the car and transfer ownership to you.
Then put the car on the trailer.
(As an aside, I really like these and am constantly amazed at how cheap they are. Is it viable?)
However, being the registered keeper is not the same thing as being the owner (although the two are usually the same person). Therefore, when you buy the car, get a receipt stating that the vendor has the right to sell the car and transfer ownership to you.
Then put the car on the trailer.
(As an aside, I really like these and am constantly amazed at how cheap they are. Is it viable?)
If the seller took it in P/X from someoen other than the registered keeper, then there is some potential for a dispute?
Ideally there would be a chain of receipts from the registered keeper to the seller.
The worst that can happen is keeper comes out of the woodwork and claims the car, the buyer then has a dispute with the seller and so on.
I know someone who bought a few bikes with no V5, he just avoided adding any value before he got the V5.
The keeper probably lost the V5 or his executor couldn't find it. Loads of vehicles change hands with no V5 and the majority of them are not a problem.
Ideally there would be a chain of receipts from the registered keeper to the seller.
The worst that can happen is keeper comes out of the woodwork and claims the car, the buyer then has a dispute with the seller and so on.
I know someone who bought a few bikes with no V5, he just avoided adding any value before he got the V5.
The keeper probably lost the V5 or his executor couldn't find it. Loads of vehicles change hands with no V5 and the majority of them are not a problem.
One further cautionary note. I once agreed a deal on a Jensen Healey (so a classic, not a shed) and before collection, the vendor called me, apologised profusely, and said the car had a “logbook loan” on it. He’d applied for a replacement V5…
I didn’t buy the car (he wouldn’t let me!). I don’t know how he resolved it.
I didn’t buy the car (he wouldn’t let me!). I don’t know how he resolved it.
Thank for the replies, folks.
Had it pretty much all set up for tomorrow but now it looks like it's fallen through. Seems the registered owner (who has left the car festering at a local classic specialist for half a decade) has now resurfaced decided at the last minute that he wants to keep the car. That would involve him back-paying said garage many years of unpaid storage so we'll see. I'd love to save this thing. It's clearly not going to be fixed by the present owner. Fingers crossed...!
Had it pretty much all set up for tomorrow but now it looks like it's fallen through. Seems the registered owner (who has left the car festering at a local classic specialist for half a decade) has now resurfaced decided at the last minute that he wants to keep the car. That would involve him back-paying said garage many years of unpaid storage so we'll see. I'd love to save this thing. It's clearly not going to be fixed by the present owner. Fingers crossed...!
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