Taxing/insuring whilst transferring ownership - twice...

[PorkInsider]

Hopefully this is simpler than I've convinced myself it's going to be.

How would this work...

Friend has a new company car. His old one is being sold by the company and he has the opportunity to buy it. He doesn't want it but I do.

He will need to buy the car from the company and I will then buy it from him. I know it would have been simpler to buy it directly but for one reason or another it looks like that won't be happening.

So, ownership will be transferred to him (company will put his details in the new keeper section of the V5C) which will mean we will need to wait for a new V5C to arrive before changing it again into my name.

Whilst we wait for the first new V5C to arrive, the car needs to be taxed and insured.

I'm guessing there's no way to do this other than tax it when my friend takes ownership, then get the refund and tax again when it goes into my name..

I'm not sure how to sort the insurance either as I don't expect it will be straightforward for me to take out a policy whilst not the keeper, and then later become the keeper.

Any ideas how to make this is as painless as possible? I'm not looking to do anything that's not completely above board but just want to make sure we're not missing something.

[SantaBarbara]

It is always "my friend "

[PorkInsider]

SantaBarbara said:

It is always "my friend "

What else am I supposed to call the person who I'm buying the car from, who happens to be my friend?

[fat80b]

PorkInsider said:

SantaBarbara said:

It is always "my friend "

What else am I supposed to call the person who I'm buying the car from, who happens to be my friend?

Don't worry - It is always "some sarcastic berk on PH" - Ignore

In terms of your dilemma - I can't see a way other than insuring it and taxing it OR perhaps sorn-ing it with the green slip while in the friends name before the paperwork comes back.

I would have thought that you yourself could look to insure it not as the RK, then change this once "ownership" has changed. I would speak to an insurance co / broker to find out.

temporary insurance might be another option and just look at this as an additional part of the purchase cost to cover the gap.

[PorkInsider]

fat80b said:

Don't worry - It is always "some sarcastic berk on PH" - Ignore

In terms of your dilemma - I can't see a way other than insuring it and taxing it OR perhaps sorn-ing it with the green slip while in the friends name before the paperwork comes back.

I would have thought that you yourself could look to insure it not as the RK, then change this once "ownership" has changed. I would speak to an insurance co / broker to find out.

temporary insurance might be another option and just look at this as an additional part of the purchase cost to cover the gap.

Thanks - I'll see what the insurance co' say. I suppose there must be a bit a 'grace' time to get the car into the new owner's name during the buying process anyway but it will obviously be extended by the double change in this case.

[PurpleMoonlight]

Can he park it off road just before he gets the new car? Then he can sorn it immediately and then you tax and insure when the new V5 comes through.

[Strudul]

It's worth making sure it's insured regardless in case of fire / theft, so look at temporary insurance to cover it until it's in your name. You can take out a proper full policy on a car registered to and / or owned by someone else, but you will probably have to pay an admin free (~£25) to switch it to yourself later.

I'd suggest he should SORN it or you will have to pay a month of tax twice.

[PorkInsider]

PurpleMoonlight said:

Can he park it off road just before he gets the new car? Then he can sorn it immediately and then you tax and insure when the new V5 comes through.

The new one has already arrived. The old one (which I'm buying) is at my house at the moment, just because I've got room for it and he hasn't.

It does need to be insured at all times as it's worth ~£15k so I wouldn't be happy without it covered even if not using it.

Strudul said:

It's worth making sure it's insured regardless in case of fire / theft, so look at temporary insurance to cover it until it's in your name. You can take out a proper full policy on a car registered to and / or owned by someone else, but you will probably have to pay an admin free (~£25) to switch it to yourself later.

I'd suggest he should SORN it or you will have to pay a month of tax twice.

As above, I will definitely want it insured constantly. It's worth just losing the month's tax to keep things simple; it doesn't sound like there's any simpler way really.