Ok so what do I need to do once I take delivery of the car?
I won't be driving the car very much until everything's sorted.
I'm buying the car as a on going project and want to do things by the book.
I’d start by downloading the IVA manual:
https://www.gov.uk/government/publications/iva-manual-for-vehicle-category-m1If you have a read through that you’ll be able to check your vehicle over for any faults which could save you money on a failed test. The biggest fail is usually lights and exhaust, so check the exhaust is not too loud and the lights are operative, secure and aligned.
Phone the DVLA and ask to speak to someone knowledgable about an IVA (most of them have no idea about kit cars or IVA’s). Inform them that you’ve purchased a kit car and the chassis/monocoque has been modified for the kit and you suspect you may need an IVA to register the vehicle. If you’re incredibly lucky they’ll offer an assessment and you might be able to bypass the IVA. If not, they’ll ask you to download the IVA application form (or offer to post it to you). During the call, they may also ask you for the current V5 information. As soon as you give it to them your car will be de-registered and you’ll no longer be able to drive it on a public road.
You’ll receive an appointment to a DVLA/VOSA centre within about a month of sending the application. You have to transport your car there, you won’t be allowed to drive it. The test usually takes a couple of hours so be prepared to sit around (and usually also sit in your car revving the engine and hitting the lights when told too).
You may be asked to provide receipts in order to prove identity and work carried out on the car. Ask the person your buying from if he has any documentation at all, any build threads, web pages, any pictures of the build etc. These can all come in useful. Depending on what is original and what isn't on the car, you may be able to sweet talk VOSA about not having any receipts and you’ll receive a plate based on the year of the MR2. If not, they’ll issue you with a Q plate.
You are usually free to name the make and model of the car to whatever you want provided its not misleading. Typically kit builders of the same cars agree on what to name the make and model because when everyone has the same kit name on the V5 it becomes easier for identification and the model becomes known to the police. I’m not sure if anyone has settled on make/models here for the Murci’s or the Ferrari’s. I would advise to keep it clear and descriptive (Make: Extreme, Model: Lambo Kit Car, for example) because when the police radio through this is the information they’ll receive back which will determine whether you’re about to be pulled (although they’ll usually pull you just to admire the car).