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Help/Advice Buying Bed and Breakfast
debbie77
Posts: 20 Forumite
Basically we have the option to buy a B&B it has been a B&B for 30yrs but never officially.
We would be wanting a regular mortgage then setting up the new B&B a few weeks after moving in as if an after thought.
Does anyone have any ideas how i should get this process started officially ?
cheers
We would be wanting a regular mortgage then setting up the new B&B a few weeks after moving in as if an after thought.
Does anyone have any ideas how i should get this process started officially ?
cheers
something missing
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Comments
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debbie77 wrote:Basically we have the option to buy a B&B it has been a B&B for 30yrs but never officially.
We would be wanting a regular mortgage then setting up the new B&B a few weeks after moving in as if an after thought.
Does anyone have any ideas how i should get this process started officially ?
cheers
What do you mean by "it has been a B&B for 30yrs but never officially"?
I think it would need planning permission, in the first instance. And then there may be certain regulations you have to meet with regards to what is provided in each room.Warning ..... I'm a peri-menopausal axe-wielding maniac
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Not least Building Regulations relating to fire precautions. :eek:Debt_Free_Chick wrote:What do you mean by "it has been a B&B for 30yrs but never officially"?
I think it would need planning permission, in the first instance. And then there may be certain regulations you have to meet with regards to what is provided in each room.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
the property has a fire alarm system break glasses etc that has been inspected and in date.something missing0
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That may mean that it was working properly last time it was inspected. Given that this place doesn't have planning and building regs for being used as a B&B according to the original post, and you are intending to buy it as a private house then swapping it to a B&B quote "a few weeks after moving in as if an after thought." would require notifying Planning, Building Control and the mortgage company. Planning you may get away with on the basis of established use, but then you shouldn't be applying for a "regular mortgage". You can't have it both ways.debbie77 wrote:the property has a fire alarm system break glasses etc that has been inspected and in date.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
Thanks for your help, we have got a lot to think about.something missing0
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Any residential mortgage valuer will spot the fact that it has fire alrams etc and is likely to suggest that it is not a residential property.
It will also depend on the useage as listed with the local planning dept.
If it is your intention to operate the property as a B&B and more than 40% of the total property is for this purpose then you cannot get a residential mortgage for it as it will be deemed, quite correctly, as a commercial venture.
It will depend on the specifics of the property and individual circumstances however this is an idea of what you can expect.
The following is not an accusation or insinuation but you must bear in mind that it is a criminal offence (fraud) to apply, for example, for a residential mortgage knowing that the property is actually a commercial venture and that you intend to run it as a business.
Lenders will prosecute to the fullest extent of the law in such cases where is is proven that the application is less than 100% honest.
Andy0 -
Where is the B&B that you are looking at?0
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Hi the property is in Cumbriasomething missing0
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