A multi-stage technique invalidates and replaces loadable physical volume block numbers (pvbns) stored in indirect blocks of a dual vbn ("flexible") virtual volume (vvol) of a storage system to enable efficient image transfers and/or fragmentation handling of the flexible vvol. Each loadable pvbn of a pvbn/virtual vbn (vvbn) block pointer pair is converted into a special block pointer having a predefined reserved value that provides a temporary "pvbn_unknown" placeholder until replaced by a real (actual) pvbn. The technique further allows the storage system to serve data from the flexible vvol using the placeholders while the actual pvbns are computed, thereby eliminating latencies associated with completion of actual pvbn replacement for the pvbn_unknown placeholders.