Are you facing probate property expenses you didn't expect?
Are there no funds on the estate to cover cost of purchasing services during probate?
We can help ...
Property Expense Funding - assisting you with costs associated with probate property
Property Expense Funding is a unique product brought to you by Tower Street Finance and Property Solutions Group to help executors or personal representatives who have to pay up-front for services associated with preparing a property, 'Testamentary Expenses', for sale.
Testamentary Expenses are costs that executors or personal representatives have to cover whilst carrying out their role, for which they are personally liable. The costs incurred are repaid out of the Estate proceeds before any beneficiary distribution.
If you don’t have funds to cover costs during probate, we can help!
Property Expense Funding is a product available to executors and personal representatives who can’t fund the costs associated with dealing with property as part of estate administration.
The great news is that it is not a traditional loan:
- There are no credit checks.
- You don’t have to own a home as there are no charges over any property.
- There are no monthly repayments. The loan is repaid from the estate proceeds, income and affordability don’t need to be assessed.
It’s simple, straightforward and there’s no risk.
"Paying for the house repairs is delaying me selling the property and accessing much needed funds from the estate. Moving forward without these funds is very difficult"
"The biggest challenge our clients have is the availability of funds which they need to get maintenance work carried out on properties during the probate process. Our partnership with Tower Street Finance means we can solve this problem for them and unlock much needed funds so that estates can be settled in a cost-effective and timely manner, without incurring unnecessary risk or costs"
Michael Edwards, Property Solutions Group
Testamentary expenses are costs that must be covered in relation to an executor, or personal representative, carrying out their role. They are liable for these costs, which are later repaid out of the Estate’s proceeds before any beneficiary distribution. These expenses are for required services to, that might build up over time and might not be apparent to those involved in estate administration. They could include:
Selling Probate Property
Executor Solutions provide the best routes and options to sell probate property for the most achievable value (often full market value or above). We offer a number of approaches to help executors and use the best one depending on the needs of the estate and the property for sale.
"Selling the property to distribute the funds to the beneficiaries can’t be done until I sell the property. I won’t get the maximum value if the property isn’t maintained - it feels like a catch-22 situation"
The benefits of using our Property Expense Funding service:
- 12 months interest free and no fees, we wont tie you into any contract which requires you to pay a high amount of interest or fee at the end.
- No risk to the executor and personal representative.
- No personal liability, the service is charged towards the estate and not the individual executor or personal representative.
- No credit checks to the executor or personal representative, the costs are incurred to the estate
- No monthly repayments owed
- 12 month period for inheritance to be released
Do you need funds to cover the payment of service while you wait for the estate to be settled?
Get in touch with one of our experienced property professionals who can help.
Frequently Asked Questions
No. There is no personal liability, no need for credit checks for the executor. Funds are borrowed against the value of the estate and paid back when the estate is settled.
This funding has been provided to help executors get things done, pay for services, where cash flow is a challenge. It is common for an estate to require some work and for funds to be limited or non existent. We can help by providing a finance facility, secured against the estate, which provides finance for works to be carried out during the probate process.
Funds are borrowed against the value of the estate and paid back upon inheritance.
This is a finance facility, rather than a loan of a set amount. Funds can be drawn down as and when needed to enable services to be purchased throughout the probate period.
Value and eligibility is secured against the value of the estate. There are no credit checks, it is not a personal loan. It is a finance facility, funds can be dawn down as and when needed.
The involvement of a professional representative is required to monitor the estate, manage the probate and fulfil fiduciary duties and ensure all information is present and correct.
No. This is a credit facility secured against the value of the estate. There are no credit checks.
The great news is this is not a loan in so much as you apply for a specific and final loan amount. This is a financial facility to enable the procurement of services as and when needed throughout the probate process.
There are no monthly repayments. The funds are settled once the estate has been finalised.
No. There are no set up or administrative fees.
The period is set at 12 months. In our experience this is ample time for all the work to do with the settling of the estate to be completed.
No. Finance is calculated and secured against the value of the estate. Credit rating and history is not relevant.
Yes. You will need to employ the services of a professional to assist, a solicitor or a company to ensure the estate is administered according to legal requirements.
Representative 19.6% APR
There are no fees payable and Property Solutions Group will pay the interest on your behalf for the first 12 months. The Representative APR is calculated assuming that the entire facility is drawn in full by the end of the first 12 months, that the first year’s interest is paid by Executor Solutions, and the facility is repaid after 24 months.
By way of a worked example, if we agree a facility of £10,000 which is fully drawn at month 12, with the total being repaid in a single payment after 24 months, then the total amount repayable would be £11,956.18. This is made up of a repayment of the total facility and interest of £1,956.18. The annual interest rate is 19.6% fixed.
If there’s no will and no executor, the loan is also available to the person applying to be ‘personal representative’. The Property Expense Funding product is a credit agreement which provides you with access to credit which must be used to pay property-related Testamentary Expenses on the estate and is paid directly to Executor Solutions. The Loan does not create a charge over any land or property. Access to the product does not rely on your personal credit rating and, other than in cases of fraud/breach of terms & conditions, repayment of the Loan is made out of the estate proceeds. We assess the value of the estate to ensure that there will be sufficient proceeds to cover the loan plus accrued fees/interest. Interest will only be charged for the first 30 months of the Loan. If for whatever reason the first 12 months interest is not paid by Executor Solutions then it is payable out of the estate proceeds. The estate must be administered by a recognised administrator. Property Solutions Group (South East) Limited is a credit broker and are an Introducer Appointed Representative of Tower Street Finance Limited who are the Lender of Record.