Help and advice needed

[leebottrill]

To cut a long story short me and my partner have broken up and I found myself in a situation which I could do with some advice on.

 

Firstly everything everything is amicable and my ex is willing to do what is needed to resolve the situation. My ex partner bought a BMW X1 for around £12,000 3 months ago and I paid for this vehicle for them. They are paying me back over a three year period. I've spoken to a solicitor and they've advised me that because the repayments have started there would be no issue if it was taken to small claims because based on the fact there are regular repayments prove that it is not a gift but a loan. What I need advice on is -  I want to transfer the vehicle into my name both as the registered keeper and the legal owner until such time as the loan has been repaid (to secure the asset from being sold or traded in). I'm going to write up a contract between me and my ex partner. My question is,  what do you need to prove the legal owner of the vehicle?  If you went and bought a car privately you would have a receipt showing what you bought but in this instance there would be no monetary transaction but purely a transfer of ownership do you think writing up an invoice like document would be enough coupled with the v5 change. 

 

secondly would this cause insuring issues for my ex partner if they didn't own the car? 

 

Does the person driving the car have to be the registered keeper?

 

Hopefully one of you in a solicitor  

 

Thanks fellow zed brothers. 

Edited December 21, 2017 by leebottrill

[ATTAK Z]

Please spell advice correctly in the thread title.

[leebottrill]

Done!

[ATTAK Z]

Many thanks

[Irn Bru]

I'd advise getting your solicitor to write up the "contract" tbh.  That way your keeping yourself right. Might cost a few bob but better safe than sorry. 

[The Bounty Bar Kid]

The v5 log book does not show who legally owns the car. It's the receipt that shows this.

 

Imo transferring the car back and forth will just add owners and devalue the car.

 

For some insurance companies it does make a difference. But for some it doesn't. Financed cars aren't in your name.

 

Hope this helps.

[Ekona]

Basically BBK is spot on here.

 

V5 purely shows who is legally responsible for taxing the vehicle, nothing else. It matters not a jot who's name is on the top, but they're the person who will be responsible for filling out any S172s for speeding etc, and more importantly who can be taken to court and pursued for any civil parking invoices by PPCs.

 

You already own the vehicle, as you paid for it. Your receipt proves that, or money transfer to the dealer or whatever. That's your legal proof, right there. The arrangement you have with your ex is a different contract: They're buying the car from you at the rate of £12K over 36 months, and this is what you need a contract for. Easy to do, even something like "Mrs X agrees to pay Mr Y £333.33 per month for 36 months for BMW X5 registration XX00 XXX, commencing from xx/xx/xx. The vehicle shall not become the property of Mrs X until the amount is paid in full" and signed & dated by both is more than sufficient.

 

If your Ex doesn't own the car, some insurers may be funny. However, that's not your problem so it's not something I'd worry about. She'll find someone to insure her, she may just pay a bit extra for the benefit. HOWEVER, personally I would be insuring it myself and getting her to pay me. Why? Well, what if she under insures it, or forgets to pay the insurance, or otherwise messes it up? If the car is then written off by her, you lose your asset and have no claim other than chasing her directly for the money which is going to prove troublesome I suspect. No, far better to insure it yourself and then you know it's done.

[ZMANALEX]

 

If you prefer to leave the car with your ex, if it was me I would get my name on the V5 and I would also insure the vehicle in my name with the ex as a named driver.

You will have to declare to the insurance company where the vehicle will be kept overnight etc.

IMHO I would also get a legally binding contract drawn up regarding the agreed repayments by a solicitor, however, a DIY contract can be also binding.

 

This situation may be amicable at the moment, however, I guarantee that it will not remain that way for long.

 

So, brutal as it may sound, I would take the car back from your ex. and if you want to play Mr nice guy, then I would suggest that you repay her the monies that she has already paid to you.

 

Clean break, let go, move on and all that, is the way to go as these sort of arrangements always end badly and in tears.