David Ives Posted May 16, 2013 Share Posted May 16, 2013 ok as I am going through a rougth patch at the moment can I ask if it is possible to transfer ownership of my vehicle to my 16 year old daughter but still remain as the registered keeper of the vehicle:wow: do you think this is possible as I would hate to sell it as the daughter loves it:angel: Quote Link to comment Share on other sites More sharing options...
N.O.S. Posted May 16, 2013 Share Posted May 16, 2013 (edited) WITHOUT PREJUDICE: :sweat: Certainly is possible, David - vehicle lease agreements are like this, where a company owns a vehicle and leases it to a user who becomes the registered keeper. Just draw up a simple sale document transferring ownership to your daughter for say £1 with a sale condition (if you feel the need) that it to be rented to you for a period - say 4 years? Then draw up a simple written lease document (for example a Hire Agreement for a term of say 4 years at peppercorn rent of £1), sign one copy and get your signature witnessed by an independent party - for your daughter to keep, and get another copy signed by your daughter and witnessed by a non-related person, for you to keep. In fact if you PM me your email, I could send you one already drawn up which I use. Sorry but I am unable to offer any advice on how secure such an agreement like this would be, should it be challenged for example by a partner who might be after half of the value of the vehicle. Edited May 16, 2013 by N.O.S. Quote Link to comment Share on other sites More sharing options...
RattlesnakeBob Posted May 16, 2013 Share Posted May 16, 2013 .....and ...not meaning to cast any judgement on your situation....:undecided: ..guessing that you are in a period of , shall we say 'marital discord' ???? ....do it NOW before it gets any worse.....the longer the agreement was made BEFORE such a 'discord' reaches its ..ahem...'conclusion'?..... is the better for a Solicitor to work with.......here speaketh a man of bitter experience. Quote Link to comment Share on other sites More sharing options...
David Ives Posted May 17, 2013 Author Share Posted May 17, 2013 pm sent thanks Quote Link to comment Share on other sites More sharing options...
Tony B Posted May 17, 2013 Share Posted May 17, 2013 Bear in mind, the Registered Keeper is not nessacarily the legal owner of the owner. ie if a vehicle is on finance. Having practical experience of this sort of situation. A formally written note to another person, with the proviso to buy back at any time, in my case for 50 pence. Signed by both parties, three copies, one to each one stored by helpful solicitor. Quote Link to comment Share on other sites More sharing options...
Marmite!! Posted May 17, 2013 Share Posted May 17, 2013 (edited) Be careful with your Insurance cover, my policy states that the I must be the legal owner & the vehicle must be registered in my name.. Don't forget that if you have subsequently changed a material fact, and not informed the Insurance company you may not be covered. The vehicle is owned and registered by you, at your address, you are the main driver of the vehicle. Your documents will state that the policyholder is the legal owner and registered keeper of the vehicle. Edited May 17, 2013 by Marmite!! Quote Link to comment Share on other sites More sharing options...
N.O.S. Posted May 17, 2013 Share Posted May 17, 2013 Be careful with your Insurance cover, my policy states that the I must be the legal owner & the vehicle must be registered in my name.. Don't forget that if you have subsequently changed a material fact, and not informed the Insurance company you may not be covered. Good point! Will check my policies for wording. I have a MV which is leased to a friend who in fact declared the arrangement when he set up his insurance, so presumably as long as you inform the insurance company there should not be a problem David. Quote Link to comment Share on other sites More sharing options...
griff66 Posted May 17, 2013 Share Posted May 17, 2013 theres never a problem with insurance as long as u pay any extra charges!!! Quote Link to comment Share on other sites More sharing options...
philb Posted May 17, 2013 Share Posted May 17, 2013 It might be a good idea to sell it at "market price" or you might be accused by someone of intentional impoverishment. Quote Link to comment Share on other sites More sharing options...
N.O.S. Posted May 17, 2013 Share Posted May 17, 2013 It might be a good idea to sell it at "market price" or you might be accused by someone of intentional impoverishment. If that is feasible I'd certainly agree best way to go for security. Quote Link to comment Share on other sites More sharing options...
Big ray Posted May 18, 2013 Share Posted May 18, 2013 The registered keeper does not have to be the owner. Quote Link to comment Share on other sites More sharing options...
David Ives Posted May 18, 2013 Author Share Posted May 18, 2013 ok as a update I spoke to the insurance company and because it is a specialist insurance policy if I transfer the trucks ownership but remain the registered owner I would then be commiting fraud as far as the insurance is concerned however because the cookhouse does not have its own vehicle insurance the cookhouse has now gone to my daughter as a birthday present so at least 1 of the vehiclesis staying in the family Quote Link to comment Share on other sites More sharing options...
Marmite!! Posted May 18, 2013 Share Posted May 18, 2013 The registered keeper does not have to be the owner. Not correct for some insurance policies.. Quote Link to comment Share on other sites More sharing options...
Tony B Posted May 19, 2013 Share Posted May 19, 2013 Change insurance? Quote Link to comment Share on other sites More sharing options...
Big ray Posted May 19, 2013 Share Posted May 19, 2013 Not correct for some insurance policies.. I stand corrected. Quote Link to comment Share on other sites More sharing options...
utt61 Posted May 24, 2013 Share Posted May 24, 2013 Remember also that there may be Gift Tax (and possibly Inheritence Tax) implications arising from doing this. Quote Link to comment Share on other sites More sharing options...
volvoc303 Posted May 24, 2013 Share Posted May 24, 2013 dave there other ways if you are at laughtonwill speak to you Quote Link to comment Share on other sites More sharing options...
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