It's costs around £25 to get a replacement log book.
Proof of log book is not proof of ownership so not technically an issue, just more paperwork and time to sort it out.
If it's in the UK, you don't need a massive amount of info to get a replacement log book. Chassis number and engine number is pretty much it. If you have a previous reg or some evidence of a reg that was assigned to it previously, this does help.
I've bought a few cars without log books, not overly an issue, but an excellent bargaining tool in getting the price right down.
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