Buying a private plate

[mdianuk]

Random question for this section, but this is where I live (Porsche forum). I'm negotiating to buy a private plate from someone. They have no prior experience with this, the plate was handed down, and neither do I. It isn't a cheap plate, so the intention is to pay cash, but what is the best approach to ensure a safe transfer of ownership? The reg is currently assigned to a vehicle, should he take the reg off the car first, and what then? Is the certificate of ownership enough, or would there be a risk of him then claiming it was stolen? Help appreciated.

[AOK]

mdianuk said:

Random question for this section, but this is where I live (Porsche forum). I'm negotiating to buy a private plate from someone. They have no prior experience with this, the plate was handed down, and neither do I. It isn't a cheap plate, so the intention is to pay cash, but what is the best approach to ensure a safe transfer of ownership? The reg is currently assigned to a vehicle, should he take the reg off the car first, and what then? Is the certificate of ownership enough, or would there be a risk of him then claiming it was stolen? Help appreciated.

The V317 process is now do-able online, so best to get together and a) you witness them apply for a retention and make you the grantee and b) them witness you transferring the funds on your online banking site

When they are doing their bit, the critical part is question/section 4:

V317 said:

If you are retaining the vehicle registration number, as the registered keeper do you want to become the Grantee (the Grantee is the one who has the right to the vehicle registration number)?
Yes No
If you do not want to become the Grantee, for example you are giving the vehicle registration number as a gift, give the details of who should be the Grantee in the box below. This means that as the registered keeper, you will give up the right to the vehicle registration number.

Seller should tick 'NO' and give your details.

Old V317 paper form: https://www.gov.uk/government/uploads/system/uploa...
New online system (daytime only): https://www.gov.uk/keep-registration-number

[mdianuk]

Thanks. So in theory, if the registration is transferred from his car to my car using the online system, it is instant, and he then gives up all rights to the plate? What proof would I have to take away, just the confirmation as I assume I'd then have the nailing biting wait for the V5C (which would come to me, not him)? Is that the safety way versus requesting him put on retention, then taking the paperwork instead?

[London GT3]

I would have thought your only additional protection would be to evidence the transfer with a short written contract signed by the parties. It would demonstrate what the intention was.

[mdianuk]

Yeah, signing a contract between us is a given, I just can't get my head around how we can complete all in the same process, rather than having to get the plate on retention first, wait weeks for the V778, then effectively be paying for a piece of paper hoping all is ok.