I would want the V5 changed before I bought the car if it were me. The worst case scenario (and one that's quite likely) is that the car will need to go through an IVA test to get the V5 changed.
IVA isn't a problem for modern kit cars, but for one like the Spartan, designed a long time before IVA or the previous SVA system was introduced, it could well be a costly and time-consuming process.
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