The prospect of owning your own B&B is an exciting one and, for many, heralds the beginning of a completely new lifestyle. The UK tourism industry is one of the largest in the World and the bed and breakfast sector turns over around £20 billion per year in foreign revenue alone.
However, the industry is incredibly competitive. Whether your ambition is to own a value-for-money getaway or a luxury retreat, the future success of your business will be dependent on more than just hard graft and the number of ensuite letting rooms.
Buying a bed and breakfast business is more complicated than buying a house and there are many commercial and legal considerations to take into account. It pays, then, to seek legal advice from a solicitor who specialises in business transfers and who understands the ins and outs of the hospitality industry.
Truelegal: Specialist solicitors acting for B&B business buyers
Not all solicitors are the same. Truelegal specialises solely in business transfers and has acted for many business buyers and business sellers across England and Wales, including people, like you, buying a B&B – many of whom are first time business buyers.
We are familiar with the particular challenges faced by those in the bed and breakfast industry – including the complexity of mortgage applications that combine residential and commercial use – and can advise on the best legal structure for your business. We will also help you negotiate the maze of regulations, warranties and indemnities and ensure the smooth handover of knowledge, client base, systems, equipment; and, where relevant, staff, that are essential for you to maintain standards and visitor numbers from day one. On top of that we will make sure that your interest in the property itself – whether freehold or leasehold – is secured.
By contrast, your local high street conveyancing solicitor won’t have the necessary expertise to give you the best advice in the purchase of your bed and breakfast business – or may charge you twice as much to allow for the extra time it takes to research best practice.
Fixed price legal fee for purchasers of B&Bs
One of the biggest worries for buyers of B&B businesses is finance. It’s likely that you’ll have to apply for a loan or a commercial mortgage to make your dream happen but unexpected costs can, and do, arise. We, however, will always quote a fixed fee for our involvement at the outset – so that’s one less thing to stress about.
Make a free enquiry
The sooner we become involved in the process of helping you to buy your B&B business the more likely it is that your purchase will be successful, so please contact us today.
Our full contact details can be found on our Contact Us page.
We look forward to hearing from you.