Buy or selling a Hotel or B&B?
For many people buying a hotel or bed and breakfast in the Lake District is the fulfilment of a lifelong dream: emotionally, and legally, that purchase is much more than a simple property transfer.
Burnetts has the specialist legal expertise to ensure you are properly advised throughout your life-changing move because the purchase of the land and buildings is just one element of what is potentially a complex business transfer.
With offices throughout Cumbria, Burnetts has advised on numerous purchases and sales in the leisure and tourism sector from internationally renowned hotels to boutique bed and breakfasts. The team can provide you with comprehensive advice on all the legal issues you will face during your acquisition or sale, and their practical implications.
The involvement of specialist solicitors ensures that legal documentation incorporates all of the issues which are relevant to your transaction, for example:
• Tax advantages of purchase price apportionment (to property, fixtures and fittings, stock, and goodwill)
• Apportionment of pre-payments (to deposits, bookings, and outgoings)
• Appropriate warranties and indemnities from seller to buyer
• VAT treatment of the transaction
• Which employees, if any, will transfer under TUPE regulations 2006
• Recovery of any debts owed to the business
• Restrictive covenants of the seller e.g. anti-competition
Free Half Hour
If you are thinking about buying or selling a tourism business, commercial property solicitor Robbie Mather provides a free half hour of legal advice. To find out more, or to make an appointment, call Robbie on 01228 552222 or email to firstname.lastname@example.org.