Transferring ownership of vehicle

[WavesOfGreyBlueGreen]

I wanted to buy and van and convert it to live in, and needed to borrow money to do so. I couldn’t get a decent rate of interest on a loan, so a friend borrowed the money on my behalf. I’ve been covering the repayments on this for three years and there is £10k still owing.

If I were to die, presumably my partially converted van would be seen as part of my estate? Is there any way to put into writing that my friend is the actual owner of the van, so that they could sell it and recoup the remainder outstanding on the loan?

You can put it in your will, not the van but the loan. Be specific e.g. loan outstanding of £x, repayments of £y per month to be taken into account. By. (Date) loan will be repaid in full.

The other option is a loan agreement.

In both cases the executor/administrator should liquidise your estate and repay the outstanding loan amount.

Thank you @Propertylover. Even though there’s nothing in writing between me and the person who borrowed it for me? I guess writing it into my will is putting it in writing, isn’t it.

So my executor would need to sell the van and then repay my friend the outstanding amount? Then any money left over can go to my daughter.

Could I make that friend my executor? Or does it have to be someone who isn’t a beneficiary?

Yes you can make your friend your executor.

Thank you @Propertylover

You could leave the van to your friend.