The back of the new keeper suplement says that the buyer should contact the DVLA if they don't recieve the new V5 withing 6 weeks. Presumably the same applies to the seller when awaiting the confirmation letter.
EDIT: Just spotted it on the back of the V5C seller should get confirmation letter within 4 weeks, if not phone 0870 240 0010.
In my experience it is usually 2 to 3 weeks though.
Edited by Mookfish on 05/02/2009 at 13:22
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