Buying car from lease - insurance question

[tombar]

Hi all - my wife has a Nissan Note that she has leased for 5 (!) years from Lex. She loves the car and wants to buy it. As this car is contract hire she can't buy it directly from the lease company (as neither can I or our son) but her friend is happy to 'buy' it from the lease company and then 'sell' it to her immediately.

I can't see that there is a legal issue with this (although happy to be proven wrong) but I was just wondering what might happen to her insurance whilst this change of ownership takes place? I guess we'd have to wait until the new V5 in my wife's friend's name was issued before we could change it again to reflect my wife as owner? Would we have to inform my wife's insurer?

All this fuss for love of a Nissan Note - I ask you!

[anonymous-user]

I think you’re over thinking it. It’s not really any different to any car purchase while you wait for the V5.

Your friend buys the car from lease company, you immediately buy the car from your friend, even though you’re not actually the registered keeper yet, you will be as soon as the paperwork is done just like if you were waiting for the V5 to be sent to DVLA by the seller.

Just tell the insurer you’re now the RK and not the lease company, it’ll be fine.

[tombar]

Thanks. I was over thinking it! Appreciated