Buying a leassehold Bed and Breakfast

[Tim Ashberry]

Good afternoon everyone

So, here's the thing! My wife and i would like to buy a leasehold Bed and Breakfast in the Lake District. Our problem is that although we have the deposit in the equity in our home, in the past when we have tried to sell to free up the deposit, it has taken so long, that we have missed the Bed and Breakfast we are trying to buy. Can anyone advise how we might use the equity in our home without going through the long drawn out of process of selling in time to purchase?

A long shot..i know

Tim

 

[businessfunding]

Sell, remortgage or bridge

In reality a borrowing option will not exceed 80% ltv (at a push) so selling might be the only option

 

[Gyumri]

Consider whether a bed and breakfast is really what you want to do - unless you are prepared to admit every type of person with every type of sexual proclivity then there might be easier ways to earn a living.

 

[Billmccallum]

Sell up, rent a flat in the lakes and have cash to buy when you get the chance.

 

[swankypants69]

Consider whether a bed and breakfast is really what you want to do - unless you are prepared to admit every type of person with every type of sexual proclivity then there might be easier ways to earn a living.

Why would customers sexual preferences be a problem?

 

[roydmoorian]

Why would customers sexual preferences be a problem?

Only if you are a bigot

 

[swankypants69]

Only if you are a bigot

Precisely!

I'm always amazed how some people can be so unashamedly discriminatory

 

[Chris Ashdown]

Only if you are a bigot

Not going either side but please remember that untill about 20 years ago Homosexual acts were a criminal offence, automatic dismissal from HM Forces etc. also believe its banned somewhere in the bible, so other people have very strong reasons to have opinions

If people are brought up being told one thing for all their life, and then then government of the day does a 180 degree change, it will take time for people to change their views, after all what percentage of the population still thinks capital punishment should be brought back

 

[swankypants69]

Not going either side but please remember that untill about 20 years ago Homosexual acts were a criminal offence, automatic dismissal from HM Forces etc. also believe its banned somewhere in the bible, so other people have very strong reasons to have opinions

If people are brought up being told one thing for all their life, and then then government of the day does a 180 degree change, it will take time for people to change their views, after all what percentage of the population still thinks capital punishment should be brought back

Doesn't make it acceptable. I suppose as a b n b owner you would even have to accept customers who weren't white! It's shocking isn't it!

 

[HorseLatitudes]

Consider whether a bed and breakfast is really what you want to do - unless you are prepared to admit every type of person with every type of sexual proclivity then there might be easier ways to earn a living.

That's a bit of a strange post

 

[swankypants69]

That's a bit of a strange post

I suppose it's just something to say when you haven't got anything helpful to contribute!

 

[That Bates Girl]

Not going either side but please remember that untill about 20 years ago Homosexual acts were a criminal offence...

By 'about 20 years' you actually mean 34 years in Scotland and 47 years in England.

also believe its banned somewhere in the bible, so other people have very strong reasons to have opinions

Let's hope they don't plan on serving a prawn cocktail in their B&B then, or black pudding, or using mixed fibres in the bedding, or having a kitchen garden, or opening on a Sunday.

(As an aside, I find it interesting how many of the people who insist that Leviticus 18 and 20 entitle them to be bigoted seem to gloss over Leviticus 19:33-34 “When a foreigner resides among you in your land, do not ill-treat them. The foreigner residing among you must be treated as your native-born. Love them as yourself, for you were foreigners in Egypt. I am the Lord your God." I know they're different flavours of discrimination, but it's amazing how often they go hand in hand.)

If people are brought up being told one thing for all their life, and then then government of the day does a 180 degree change, it will take time for people to change their views, after all what percentage of the population still thinks capital punishment should be brought back

The 'government of the day' was the MacMillan Government in 1957 who accepted the recommendations of the Wolfenden Report that homosexuality should not be illegal in the UK.

So that's 57 years.

I suspect 2 generations is long enough for most people to get over the whiplash from the speed of social change.

Lyds

 

[That Bates Girl]

All of which is a massive derail and of no use to the OP at all - sorry Tim.

More on topic, I'm with @Billmccallum - if you can't get a mortgage on your current property then you might be best selling up and renting so you've got the cash on hand when the ideal B&B pops up.

Don't know if it's an option for you, but (if I recall correctly) you can (or used to be able to) get mortgages that are essentially overdrafts secured on the value of your home. The lender sets the maximum amount, but you only pay interest on the actual amount you borrow.

Lyds

 

[Anonymouse72]

Consider whether a bed and breakfast is really what you want to do - unless you are prepared to admit every type of person with every type of sexual proclivity then there might be easier ways to earn a living.

possibly in reference to this B&B in Cornwall.

might be some useful info for the OP on this forum, sure he's not the 1st to ask this type of question.

 

[Tim Ashberry]

Blimey........i only wanted a bit of advice!

 

[businessfunding]

Blimey........i only wanted a bit of advice!

What - not a social & political history backed by religious morality

Easy mistake to make