v5 question

[dba7108]

Wanting to buy a car 100 miles from my house. The chap brought the car for his dad but it is an auto and cant get on with it - the owner (son) has sent off the v5 in dad's name, awaiting it back, but has the tear off slip on the bottom. Can i buy the car without the V5 or is it too risky, does the bottom tear off slip prove anything? Car is £2000 and is a pretty good deal. Have spoken to the guy on the phone, he seems genuine. If he wrote me a receipt out is that legal ownership for me ? - I'm thinking worse case scenario of the car being reported stolen and I loose my money and car.

He is going on holiday next friday, so would like to get the car before. He has offered to call the DVLA up now to chase it up.