The Retention Scheme
The retention schemes enables registration numbers to be held separately from vehicles , applications are made on form V317 and the fee is £105 .Once the application has been processed you will receive a V778 certificate which lasts for 12 months . The V778 is renewable at a cost of £25 p.a. The " Grantee " on the V778 is the person who was specified on the V317 application when the number was retained , this name cannot be changed afterwards.
The "Grantee" has the right to assign the number to a vehicle registered in his or her name , nominate a third party "nominee" to be able to assign the number to a vehicle registered in his or her name , extend the certificate for 12 months, change the address on the certificate or cash it in for a refund of transfer fee.
The " Nominee " has no rights bar being able to assign the number to a car in his/her name if named on the V778.So if you buy a number which is already on V778 you must first get the Grantee to add you as Nominee or sign the change nominee section so you can do it at the time of assignment to the vehicle , it is also advisable to assign the number to a vehicle a.s.a.p. so there are no renewal problems etc. When you are ready to assign the registration number to a vehicle you can use the V778 to put it on a car registered in either the Grantee or nominee's name , there is no charge , the transfer fee was paid when the number was put on retention.
If while the registration is on a V778 you decide you want to add or change a nominee , this is possible for a fee of £25.It is now possible to do this at the same time as assigning the number to a vehicle.Note that a V778 can only be used to assign the number to a car or bike registered in the mainland , not N.Ireland , there is no retention scheme in N.Ireland. Should you wish to transfer a registration number from a V778 to a N.Ireland vehicle you must first assign it to a car or bike registered at DVLA , then when this complete a vehicle to vehicle transfer must be carried out using form V317.