How is best to pay for a private buy these days?
Discussion
I might be buying a used car from a private seller soon......first time since 2010 that I've done that.
Back then I took money in cash, filled in the V5, sorted out insurance that I'd lined up on the phone from what I remember, and the tax back then came with the car.
What's the 'done thing' these days? Assuming I don't really fancy getting £X thousand out in cash, but also assuming the seller doesn't trust me saying "I'll do a bank transfer now" (I seem to remember a bank transfer is limited to £10k per day as well?) what are the options?
And I assume the seller will need to SORN it there and then and I then need to apply for the tax there and then as well? Or do I drive it home on their tax then the cancel it and I sort it when I get home?
Back then I took money in cash, filled in the V5, sorted out insurance that I'd lined up on the phone from what I remember, and the tax back then came with the car.
What's the 'done thing' these days? Assuming I don't really fancy getting £X thousand out in cash, but also assuming the seller doesn't trust me saying "I'll do a bank transfer now" (I seem to remember a bank transfer is limited to £10k per day as well?) what are the options?
And I assume the seller will need to SORN it there and then and I then need to apply for the tax there and then as well? Or do I drive it home on their tax then the cancel it and I sort it when I get home?
Depends on the value IMO
Under £10k - cash is king.
Over £10k - bank transfer. If I was the seller, I'd want to speak to my bank to make sure it was irreversible, or go to a branch.
Different banks have different transfer limits - it's not a rigid £10k. You can also do BACS over the phone IINM, but it takes some time to process.
Under £10k - cash is king.
Over £10k - bank transfer. If I was the seller, I'd want to speak to my bank to make sure it was irreversible, or go to a branch.
Different banks have different transfer limits - it's not a rigid £10k. You can also do BACS over the phone IINM, but it takes some time to process.
UTH said:
I might be buying a used car from a private seller soon......first time since 2010 that I've done that.
Back then I took money in cash, filled in the V5, sorted out insurance that I'd lined up on the phone from what I remember, and the tax back then came with the car.
What's the 'done thing' these days? Assuming I don't really fancy getting £X thousand out in cash, but also assuming the seller doesn't trust me saying "I'll do a bank transfer now" (I seem to remember a bank transfer is limited to £10k per day as well?) what are the options?
And I assume the seller will need to SORN it there and then and I then need to apply for the tax there and then as well? Or do I drive it home on their tax then the cancel it and I sort it when I get home?
They are the registered keeper until SORN'd or transferred. As such, they are responsible for all legal transgressions associated with the car. No more, no less.Back then I took money in cash, filled in the V5, sorted out insurance that I'd lined up on the phone from what I remember, and the tax back then came with the car.
What's the 'done thing' these days? Assuming I don't really fancy getting £X thousand out in cash, but also assuming the seller doesn't trust me saying "I'll do a bank transfer now" (I seem to remember a bank transfer is limited to £10k per day as well?) what are the options?
And I assume the seller will need to SORN it there and then and I then need to apply for the tax there and then as well? Or do I drive it home on their tax then the cancel it and I sort it when I get home?
You can transfer the registered keeper of a car on a mobile if you have the V5C. You would then be legally responsible for the car.
How you transfer ownership is between the two of you. If I were you, I'd get him to sign something like this...
https://www.theaa.com/car-buying/buyers-sellers-co...
I'd also add a clause about the car not being subject to any debts or loans.
I'm pretty sure that the transfer online includes a payment for the VED or a declaration of SORN.
Transfer cash via bank transfer, depending on bank £25k is usually the limit of one transaction but you can do more in one day.....speak to your bank though as they can differ.
Ownership can be done online and then you tax the vehicle using the green slip on the V5.
https://www.gov.uk/responsibilities-selling-vehicl...
I assume you have done a HPI using a decent site? eg vcheck
Ownership can be done online and then you tax the vehicle using the green slip on the V5.
https://www.gov.uk/responsibilities-selling-vehicl...
I assume you have done a HPI using a decent site? eg vcheck
UTH said:
Thanks guys, not seen the car yet, so not about to pull the trigger, but I'm in the market for one at the moment, so just finding out the best way to do it if/when I am ready to go.
It could be up to £30k hence thinking a bank transfer on the day might not work?
Which bank would you use?It could be up to £30k hence thinking a bank transfer on the day might not work?
duckson said:
UTH said:
Thanks guys, not seen the car yet, so not about to pull the trigger, but I'm in the market for one at the moment, so just finding out the best way to do it if/when I am ready to go.
It could be up to £30k hence thinking a bank transfer on the day might not work?
Which bank would you use?It could be up to £30k hence thinking a bank transfer on the day might not work?
UTH said:
duckson said:
UTH said:
Thanks guys, not seen the car yet, so not about to pull the trigger, but I'm in the market for one at the moment, so just finding out the best way to do it if/when I am ready to go.
It could be up to £30k hence thinking a bank transfer on the day might not work?
Which bank would you use?It could be up to £30k hence thinking a bank transfer on the day might not work?
duckson said:
UTH said:
duckson said:
UTH said:
Thanks guys, not seen the car yet, so not about to pull the trigger, but I'm in the market for one at the moment, so just finding out the best way to do it if/when I am ready to go.
It could be up to £30k hence thinking a bank transfer on the day might not work?
Which bank would you use?It could be up to £30k hence thinking a bank transfer on the day might not work?
I've always found it's best to transfer a small amount a few days before - £5, £10 or something between accounts. It was recommended to me by someone else on here and since then I've never had a payment held up, and can help avoid the fraud flags on transfers.
But as mentioned, limit is usually £25k. I've done transfers from two seperate bank accounts in the past.....I've also transferred part money the day before and crossed my fingers the seller is still there the next day
Always do background checks on sellers!!Matty_ said:
I've always found it's best to transfer a small amount a few days before - £5, £10 or something between accounts. It was recommended to me by someone else on here and since then I've never had a payment held up, and can help avoid the fraud flags on transfers.
But as mentioned, limit is usually £25k. I've done transfers from two seperate bank accounts in the past.....I've also transferred part money the day before and crossed my fingers the seller is still there the next day Always do background checks on sellers!!
When you transfer the small amount ask the seller to tell you how much it was. Then you and the seller know you have the correct account and the seller can't claim they never received the full payment.But as mentioned, limit is usually £25k. I've done transfers from two seperate bank accounts in the past.....I've also transferred part money the day before and crossed my fingers the seller is still there the next day
Always do background checks on sellers!!Bank transfer from a laptop or tablet is up to £25k. Mobile app generally 10k. Limits per day.
Over that a transfer from a second personal account, or family member whose account you pre credit.
As for ID of seller, hpi check, that car and seller are both trustworthy and genuine. Written receipt stating no write off, no finance, his to sell etc.
Once paid simple on line transfer of ownership with dvla and you tax it before driving off. SORN not involved.
Over that a transfer from a second personal account, or family member whose account you pre credit.
As for ID of seller, hpi check, that car and seller are both trustworthy and genuine. Written receipt stating no write off, no finance, his to sell etc.
Once paid simple on line transfer of ownership with dvla and you tax it before driving off. SORN not involved.
I did a £24k transfer last year from my first direct phone app, when I bought my Jag. I was expecting it to get held up and to have to call them, but it went straight through no issues.
Sold my daughters car this week, I was happy to take a bank transfer, just made sure it was in my account first before the car went out of the drive.
Sold my daughters car this week, I was happy to take a bank transfer, just made sure it was in my account first before the car went out of the drive.
duckson said:
bennno said:
Bank transfer from a laptop or tablet is up to £25k. Mobile app generally 10k. Limits per day.
No it isn’t. Maybe look into who you are banking with first.
Lloyds app is £25k per day.
Santander (for example) is £100k in £25k payments, app, website, whatever.
Will Santander allow you to make multiple £25k payments to the same individual in the same day?
Edited by bennno on Saturday 4th November 17:03
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