Completion at last

Getting this place was never going to prove easy but when your solicitor says completion by midday and you are still pacing the room at 3 o clock then you know something must have happened. For some reason I now have two solicitors on the case and both think the other has got the money. In fact they are both wrong because the money has gone to the clients solicitors as I discover when I start ringing around myself. Fleurets ring to say the place is now mine and the keys are handed over on the doorstep at 3.30pm on Thursday 1 November 2007. The hotel is ours and the journey begins.

Falling at the last hurdle

My solicitor rings to tell me that the other buyer is intending to exchange within the next 48 hours. He is quite calm about the situation which is more than can be said for me. This journey has been too long to fall at the last hurdle. Besides which, we have bought the website address, planned the colour schemes, sorted out the furniture, discussed the staffing and thought of an appropraite name. The solicitor tells me he will see what he can do. By 4 o clock he rings to tell me that we have exchanged and we are now the proud owners of a derelict hotel in Howard Square . Completion date is agreed for Thursday 1 November 2007.

The race is on

My solicitor tells me that the other solicitor is now talking to him and has told him that I am not the only person pursuing the hotel. My temptation is to tell the lot of them where to stick the hotel but it has been a long journey and I do not intend to fall at the last hurdle. I warn the bank that we may need to move fast and I know my solicitor is on my side when he gives me his home number. The race is on and I now believe that whatever will be will be. If we do get the place then it was destined to be.........

Another hold up

Well now the fun has really started. The bank want a survey of the property and intend to scrutinise my business plan to see if it reasonable - the survey goes OK and my business plan survives its first test. My solicitor is on the case but tells me that their solicitor refuses to communicate. Fleurets tell me that their client now wants proof that I have the money. I contact my solicitor. I contact the bank. They tell me that they cannot deal with third parties and I tell them that they will have to or I shall never see the inside of this place. Time stands still.

Making another offer

I find out that the RBS might be interested in providing financing since I have previously banked with them. I have to provide a business plan along with evidence for this , proofs for that and receipts for the other. My full time occupation is now filling in forms for the RBS and jumping through a series of hoops with no sign of a light at the end of the tunnel. I work out that I have to pay stamp duty of £26000 as well as solicitor and broker fees. The bank promise me an interest free month and I submit another offer to Fleurets which is accepted by their client - hooray!

A recent history

Frank and I have been doing our homework and find out that the present owners had made a planning application to turn the hotel into (holiday) flats. The proposal was rejected by the council with a lot of backing from the local residents who were determined that the area would be best served by a hotel in preference to holiday flats. We also find out that the hotel is a grade 2 listed building. In the meantime, Fleurets have increased the cost of the hotel and tell me there is another interested party. My bank account tells me I cannot afford it.

Disappointment

Fleurets contact me to say their client has rejected the offer.