Selling to friend

[Clodoaldo]

Hi all,

If I were to sell my car to a friend for £1, do I need paperwork for the transaction? If so, what needs to be done? Just thinking in terms of contracts/tax etc

Thank you

[HustleRussell]

Procedure would be the same as any other change of ownership, only the price is different.

[Pica-Pica]

Transactions that grossly undervalue an asset can bring problems if other parties are or will become affected, e.g. creditors.

[RSTurboPaul]

Don't forget the magic words on the receipt - Sold As Seen.

Business and pleasure rarely mix well, so make it clear, and make sure they are clear, that anything that happens after it is sold to them is on their shoulders.

[sandman77]

Clodoaldo said:

Hi all,

If I were to sell my car to a friend for £1, do I need paperwork for the transaction? If so, what needs to be done? Just thinking in terms of contracts/tax etc

Thank you

Are you trying to stop your ex-wife from getting half the value of the car?

[tickedon]

You’ll want a receipt signed by both of you at a minimum with date and time of sale, to account for any speeding tickets etc.!

As others say, same as other sale (unless trying to be “funny” in some way), just price is different