The danger is that no-one ( the DVLA, mot testers,or insurance companies) don't seem to be bothered that things are not correct, until something goes wrong ie an accident. This is when everyone will say that it is your responsibility and you are left with a massive claim to pay and the DVLA will seize the car as it is not correctly registered, Walk away from it unless you are buying it to put through an IVA without using on the road.