Selling car to someone who's on holiday for a few weeks....
Discussion
Hello!
Just to set the scene, I'm selling my van, waiting for the cash from the sale, as well as waiting for a cheque from the solicitors to arrive and then clear before I can put a large deposit down on my next car. As soon as the money is clear I can start my search for one.
Someone came to view my T4 Caravelle on Thursday. She had a look over it and through the service history etc. and decided she would think about it, however she was due to go on holiday to Indonesia at the weekend so would get in touch with a friend to take care of it on her behalf (genuine local lady, friend of a friend so no scam worries!) . On Saturday I got a text from her asking if her friend could come and see it, and that she would probably be able to sort money out for me in a couple of days rather than waiting for her return on the 27th.
Anyway, friend came to see it, agreed it was all fine, and left saying he would email the prospective buyer today and confirm the go-ahead, and if so, he would pay me for the van and she would owe him. He seemed to think it'd be a good idea to take the van to her house in a village 5 miles away. I guess she would then come over and sign the V5 document when she got back, but I would have the cash ready to get my new car without having to wait for her return. All fine with this, trust each other as we have a mutual friend.
Here's the bit where I get confused! How would insurance work with this? Its unlikely I'll be getting my car for two weeks, and I don't really want to cancel my insurance policy because i'd lose my years no claims and would rather add my new car in place of the T4. Also I need to find out if her house has a driveway. If it was parked on the road I'd be pretty uncomfortable leaving the van there under my name, but having taken the money from her, with it still being insured by me.... or would this be okay? If someone crashed into it (unlikely.... but still) then I'd be the one having to sort it.
If she has a driveway I guess it'd be okay, but if it happened to set on fire or be vandalised (again, unlikely) it'd still have to be insured.
If I happened to buy a vehicle before she got home, I'd have to transfer my policy to that vehicle, leaving the van uninsured. And with the van still being under my name, guess I'd have to take responsibility.
The van is currently parked at my house across the road in a small village on a tiny bit of grass between two barns, so in quite a safe place. Do you think its worth trying to persuade them to leave it there, where I can keep an eye on and i know its safe, but write the friend a reciept for the sale of the van, with a signed explanation of the situation or something? Then at least if I get my new vehicle, its definately parked off-road too.
So.... basically is there any good way to go about this?
Confusing but thanks!
Just to set the scene, I'm selling my van, waiting for the cash from the sale, as well as waiting for a cheque from the solicitors to arrive and then clear before I can put a large deposit down on my next car. As soon as the money is clear I can start my search for one.
Someone came to view my T4 Caravelle on Thursday. She had a look over it and through the service history etc. and decided she would think about it, however she was due to go on holiday to Indonesia at the weekend so would get in touch with a friend to take care of it on her behalf (genuine local lady, friend of a friend so no scam worries!) . On Saturday I got a text from her asking if her friend could come and see it, and that she would probably be able to sort money out for me in a couple of days rather than waiting for her return on the 27th.
Anyway, friend came to see it, agreed it was all fine, and left saying he would email the prospective buyer today and confirm the go-ahead, and if so, he would pay me for the van and she would owe him. He seemed to think it'd be a good idea to take the van to her house in a village 5 miles away. I guess she would then come over and sign the V5 document when she got back, but I would have the cash ready to get my new car without having to wait for her return. All fine with this, trust each other as we have a mutual friend.
Here's the bit where I get confused! How would insurance work with this? Its unlikely I'll be getting my car for two weeks, and I don't really want to cancel my insurance policy because i'd lose my years no claims and would rather add my new car in place of the T4. Also I need to find out if her house has a driveway. If it was parked on the road I'd be pretty uncomfortable leaving the van there under my name, but having taken the money from her, with it still being insured by me.... or would this be okay? If someone crashed into it (unlikely.... but still) then I'd be the one having to sort it.
If she has a driveway I guess it'd be okay, but if it happened to set on fire or be vandalised (again, unlikely) it'd still have to be insured.
If I happened to buy a vehicle before she got home, I'd have to transfer my policy to that vehicle, leaving the van uninsured. And with the van still being under my name, guess I'd have to take responsibility.
The van is currently parked at my house across the road in a small village on a tiny bit of grass between two barns, so in quite a safe place. Do you think its worth trying to persuade them to leave it there, where I can keep an eye on and i know its safe, but write the friend a reciept for the sale of the van, with a signed explanation of the situation or something? Then at least if I get my new vehicle, its definately parked off-road too.
So.... basically is there any good way to go about this?
Confusing but thanks!
Id keep it to basics.
If they've paid all the money for the van then you've sold it.
Until you get the money keep it where it is. What they then do with it is not your problem or responsibility.
Regarding insurance, just carry it on on the van until you swap it over to your new car.
Once you've sold the van its up to them to get it insured, not for you to carry on covering it for them!
If you need to swap it to your new car and they have'nt sorted anything out, again, thats not your problem
If they've paid all the money for the van then you've sold it.
Until you get the money keep it where it is. What they then do with it is not your problem or responsibility.
Regarding insurance, just carry it on on the van until you swap it over to your new car.
Once you've sold the van its up to them to get it insured, not for you to carry on covering it for them!
If you need to swap it to your new car and they have'nt sorted anything out, again, thats not your problem
Personally, I'd be nervous of leaving your car on her driveway unless you had cleared funds in your account.
If she then wants it parked up at her house, then she should insure it herself from the time of taking ownership - to protect you.
I know that you trust her but you still have to safeguard yourself.
Has she a garage?
If she then wants it parked up at her house, then she should insure it herself from the time of taking ownership - to protect you.
I know that you trust her but you still have to safeguard yourself.
Has she a garage?
Need to find out regarding driveway / garage.
Main thing concerning me is that she won't be able to sign the V5 ownership document until the 27th, even though I'll have the money for it. Is that an unsafe way of going about it?
I guess I could wait until she gets back, a plus point being that I'll have another payday before then so would have a bigger deposit on a car too. And could have use of the vehicle for the one day a week I struggle to get a lift to work.... hmmm. Might be a safer way to go about doing it? Bite the bullet and wait, hoping a nice car doesn't pop up for sale in the meantime!
Main thing concerning me is that she won't be able to sign the V5 ownership document until the 27th, even though I'll have the money for it. Is that an unsafe way of going about it?
I guess I could wait until she gets back, a plus point being that I'll have another payday before then so would have a bigger deposit on a car too. And could have use of the vehicle for the one day a week I struggle to get a lift to work.... hmmm. Might be a safer way to go about doing it? Bite the bullet and wait, hoping a nice car doesn't pop up for sale in the meantime!
Main thing concerning me is that she won't be able to sign the V5 ownership document until the 27th, even though I'll have the money for it. Is that an unsafe way of going about it?
Name on V5 is not the owner. She pays she owns the van.
If you are worried post or e-mail a reciept confirming its her van and keep a copy.
Name on V5 is not the owner. She pays she owns the van.
If you are worried post or e-mail a reciept confirming its her van and keep a copy.
The receipt idea is a good one, and thinking about it, I guess it doesn't really matter to me if she pays in full or a deposit, as I'll probably end up waiting for pay day myself around the date she gets back to allow for a bigger deposit on my car. Will have to wait and see what this friend comes back with!
Thanks for all the responses. To clarify then, if the friend came tomorrow with £2000 for the van, I could take the money and hand over a sold as seen receipt signed by her friend, and take the van to their property myself.... leaving the van insurance as it is under my policy, until I get my new car (which may be after she returns and insures the van under her own policy) then transfer my policy onto my car. When she returns get her to sign the V5?
If she has a driveway and the vehicle is off the road, do you reckon my insurance company could put a 'hold' on my policy so that I don't have to cancel before I buy my new car? So then I'm not actually insuring the van? I wouldn't mind paying the month payment. Will have to ring up and see
Transfer of cleared funds and a receiptx2 (one for you and the buyer both signed) detailing purchase and date should be sufficient to confirm the sale and transfer of responsibility.
If it gives you peace of mind you can also write on the receipt that it is the new owner’s responsibility to arrange insurance from the date of purchase and that the seller takes no responsibility for the vehicle after this date.
I’d also note that V5 to be completed by “….” at earliest opportunity as not present at time of purchase.
That should cover your back.
If you offer to keep the vehicle stored and insured and something happens to it then you’re on dodgy ground in that you will need to claim off your insurer, hopefully (but not a guarantee) for at least the sale value of the vehicle to reimburse your buyer. Chances are they’ll want their money back straight away though and it’ll turn into a right can of worms.
You should be able to call your insurer to advise that you have sold the vehicle but would like to keep the policy running for a prospective new purchase if you are near to the end of your insurance year and want the benefit of an additional accrued NCD.
If you already have full NCD, then cancel the policy and your NCD is still valid for at least a year with any insurer. Just ask for proof of NCD to be supplied when you cancel the policy.
If it gives you peace of mind you can also write on the receipt that it is the new owner’s responsibility to arrange insurance from the date of purchase and that the seller takes no responsibility for the vehicle after this date.
I’d also note that V5 to be completed by “….” at earliest opportunity as not present at time of purchase.
That should cover your back.
If you offer to keep the vehicle stored and insured and something happens to it then you’re on dodgy ground in that you will need to claim off your insurer, hopefully (but not a guarantee) for at least the sale value of the vehicle to reimburse your buyer. Chances are they’ll want their money back straight away though and it’ll turn into a right can of worms.
You should be able to call your insurer to advise that you have sold the vehicle but would like to keep the policy running for a prospective new purchase if you are near to the end of your insurance year and want the benefit of an additional accrued NCD.
If you already have full NCD, then cancel the policy and your NCD is still valid for at least a year with any insurer. Just ask for proof of NCD to be supplied when you cancel the policy.
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