How to get payment when selling a car?

[Time Waster]

We've got a buyer for our camper and agreed a price. How do we do the transfer of money and vat ownership?

So we're a new payee for him so app and online banking might not have enough payment limit.

Also, he's looking to visit, test drive and probably pay tomorrow. Not a banking day. So I'm guessing it won't clear until Monday. I think he should then expect to only pick the van up on Monday once payment has been cleared.

The timeline in my head is this. Sunday test drive (we're getting temp insurance cover for that). He confirms the agreed selling price and I guess the ceremonial shaking of hands. Sunday or even Monday he arranges payment into our account. Monday we check our account has the money in it. For added piece of mind we transfer to a second account. Then we contact the buyer to hand over the van, keys, and v5 new owner slip. We then watch the van being driven away. We then fill in the rest of the v5 log book and send it off to DVLA or whatever the org is now called. We then relax as the deal has been done.

Then in a week or two we go out looking for a new main vehicle.

Does that sound like the way to go about it? My partner is getting hung up on the payment limits. IMHO that's not our issue but theirs. We only hand the van and new owner v5 slip over once we have the money.

 

[glasgowcyclist]

My partner is getting hung up on the payment limits

Limits vary between banks. Virgin Money allows £30,000, Bank of Scotland is £25,000. As you say, that’s the buyer’s problem and he won’t get the vehicle until you get paid.

 

[slowmotion]

I think that First Direct's limit for electronic transfers is a little under £50k.

I might be wrong.

Edit: I just checked and it's true. You can send another £50k the next day, I think.

 

[Moodyman]

Larger payments to a new payee are likely to trigger security checks by the bank. It might be prudent for the sender to send you a couple of small payments on Sunday. Say, £2 and £8 a few hours apart. Then on Monday to send the larger amount.