Sony Xperia V features a powerful 1.5 GHz dual-core Snapdragon S4 processor backed by 1 GB of RAM, 16 GB of storage, and a whopping 13 MP camera. The 4.55″ LCD is also noteworthy, featuring a high 720p resolution and the proprietary BRAVIA engine.
Xperia V is a mid-range device so it wont be getting any official Android Lollipop updates. There are several custom ROMs which will let you install Lollipop on Xperia V. We saw how to install OmniROM on Xperia V a few weeks back. Now the official CM 12 build is also available. This is the best custom ROM out there and it will update Xperia V to Android 5.0. Follow the guide below.