Buying a B & B

ljbrown
New Member


Ollie-Ollie

Joined: 10 Mar 2006
Posts: 5
Location: Hamilton, Ontario, Canada

Posted: Sun Apr 08, 2007 10:51 am

 

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My husband & I are applying for a UK Visa - mine will be the ancestry option as hopefully will his (once we find the correct documentation which is proving difficult - the back up plan is a spousal visa attached to my ancestry one).
We are hoping/considering buying a B & B in the Bristol area. Has anyone got any suggestions about the process?
As well, I wondered if anyone had a real estate agent/company they could recommend?
Any help would be appreciated!

Laura

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BermudaBum
Moderator


Beachin' in UK?

Joined: 22 Apr 2006
Posts: 85
Location: London

Posted: Sun Apr 08, 2007 12:26 pm

 

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Hi Laura,

This may be a little off topic but I noticed that you're from Hamilton . . . that's my hometown.
Good luck with the B&B info.

Oskie wee wee & go cats!

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ljbrown
New Member


Ollie-Ollie

Joined: 10 Mar 2006
Posts: 5
Location: Hamilton, Ontario, Canada

Posted: Sun Apr 08, 2007 4:18 pm

 

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Actually to confuse the issue - I am actually from Toronto, my hsuband from Montreal! We've been living in Hamilton for the past year.
And we live right by Ivor Wynne.
Thanks for the good luck etc., we will keep our fingers crossed!
What took you to Bermuda?

Laura

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BermudaBum
Moderator


Beachin' in UK?

Joined: 22 Apr 2006
Posts: 85
Location: London

Posted: Sun Apr 08, 2007 5:14 pm

 

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What took me to Bermuda?
Ironically no jobs in T.O.
. . . crazy world.

P.S. TC rules!

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mari-mac
Senior Member



Joined: 01 Sep 2006
Posts: 94
Location: U.K.

Posted: Mon Apr 09, 2007 12:20 am

 

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Hi Laura - buying property over here is quite different to Canada! In Canada, you tend to deal with one agent, who will then look across all the agents for you. Here, each company only deals with the properties on their own books - so if you want to look at 3 properties, then you will likely need to deal with 3 different companies! It's a lot of phoning around and hard work.

A good general website is www.rightmove.co.uk - they search across a number of agents - then you contact the individual ones to arrange viewings. It will give you a flavour of who the agents are in the Bristol area as well.

There are companies that will help you search (http://www.garrington.co.uk/about/uk/) at a cost - it might be helpful, if you're trying to get the process started from Canada.

Hope that helps!
_________________
We've got rocks and trees, and trees and rocks, and rocks and trees and trees and rocks and.water!

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ljbrown
New Member


Ollie-Ollie

Joined: 10 Mar 2006
Posts: 5
Location: Hamilton, Ontario, Canada

Posted: Mon Apr 09, 2007 1:16 am

 

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Thanks for the info - I knew that buying property in England was different - didn't quite realize how much though!
That website looks quite helpful, we will check it out. Now that we have made our decision to move there, we jsut wish the process was over & wish we were there!

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Joanne
Senior Member



Joined: 18 Jul 2003
Posts: 122
Location: Stockport

Posted: Tue Apr 10, 2007 9:03 am

 

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Hi Laura,

I am giving you some links that should help you with setting up a B&B business:
http://www.accommodationseek.co.uk/SetUpBAndBAccommodation.html
http://www.landlordzone.co.uk/b&b.htm
http://www.startups.co.uk/Bedandnbsp_andandnbsp...40tmBo-PCPOQ.html
(Click on the "Next" at the bottom of the page, the other links do not work !)

You will need to invest at least £300 000 for a small B & B in Bristol (if not more, don't really know the price of houses in that area).
If you are buying an existing B&B business you should not have to ask for planning permission (but you will need a solicitor for the process of buying a business) , if you are planning to buy a house and turn it into a B&B you will have to make sure that you can get the correct planning permission. You should also try to find out what are the regulations for running a bed and breakfast.
As you will have a business you will need to register as self employed (for the National Insurance) with the HMRC (http://www.hmrc.gov.uk/) and will have to apply for VAT if your turnover is over £61 000. You will need to find an accountant to send your (and your husband)tax return (every year)to know how much tax you will pay on you earnings.

If you have the total of the funds required it should not be a problem to set up a business here but if you need a loan or mortgage you will probably have to wait a couple of years to build up your credit score to be able to get a loan.

I hope this helps !

Joanne

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klynch
Junior Member


UK & CANADIAN TAX

Joined: 07 Feb 2008
Posts: 17
Location: Cheshire

Posted: Wed Mar 26, 2008 1:25 pm

 

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I may be able to help with your bed and breakfast operation. I am a UK chartered accountant and Canadian CGA practicing in the UK. Visit my website at lynch.pro

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