New V5c Logbook Rules: Full Guide for Car Buyers and Sellers
The V5C system has through tremendous changes over time and buyer, and sellers need to have an understanding of these changes. One of such changes is the introduction of a website registration process available for car sellers to dealers or private buyers. This is in a bid to reduce the time, cost and hassles involved in the process.
The introduction means sellers no longer have to post their V5C off to the DVLA when selling a car, even as it is required that the change of ownership is reported online.
Below is a full detail of the changes made and their effect on car buyers and sellers.
What the V5 changes mean when selling a car
The only paperwork required when selling a car is filling the small V5C/2 slip of the V5C logbook, which is regarded as the ‘New keeper’s details’ form/section 10 of the logbook. This is usually torn out and given to the new keeper, representing the transfer of ownership.
The inform the DVLA online form subsequently takes the of having to fill and send forms to DVLA through the post, making the process faster and less stressful.
Once the DVLA has been informed of the changes, you get an instant e-mail confirmation and a letter confirming the changes. The procedure is the same regardless of the buyer – dealer or private buyer.
The system ensures that the remaining tax left on your vehicle is automatically refunded to you once the vehicle is sold, in compliance with the new Vehicle Excise Duty system that prohibits the transfer of road tax between owners.
The new V5 process for car buyers
As a car buyer, it is imperative that you provide your email address to the seller as it is one of the requirements to be entered when making a declaration of change of ownership. This means that you receive a confirmation on your email address in the process of the by the DVLA.
While it might not be compulsory to provide the email, it is advised, even as you are expected to get a new V5C certificate in your letterbox within five working days.
It is also worth noting that no outstanding road tax is acquired with the new purchase though it is required that you pay road tax or declare SORN once the new V5C arrives.
What happens if you do not have Internet access?
Not everyone has accepted computers, and if you fall into this category of people, the DVLA still accepts changes made through the post, though it might take longer.
What are the changes to the V5C document?
While the V5C document remains in paper format, the DVLA advises that the old document is destroyed once they have ben informed on the changes electronically.
What if you have lost your V5 logbook document?
For persons that cannot locate their logbook document, the process of getting a new one is quite straightforward, and all that is required is to call the DVLA for a new one or fill out a V62 form and send it to the DVLA. A £25 fee is however attached to this service with a 6-week period for getting a new V5C.