Advanced Probate?

Deisel_Weisel

I’ve recently learned there are companies that can loan to people, who are waiting on the probate process for inheritance. I’m listed as an executor of a will, and I’ll be getting roughly 50%.

I see various companies listed, when I search on ‘Advanced Probate’ (if that’s right term?).

Looking for advice, best companies to approach, etc. Does this require agreement from other executors/benefactors of a will?

Property is £1m (split to £500k) with monetary assets of about £100k (after inheritance tax). I'm looking for a £15-20k loan.

msb1234

I wouldn’t go with any business like this. Have you tried to get a bank loan secured against the inheritance?

Deisel_Weisel

msb1234 said:

I wouldn’t go with any business like this. Have you tried to get a bank loan secured against the inheritance?

I didn't know a bank loan was an option? Dedicated companies can be expensive apparently. I've seen 1% per month interest mentioned, and maybe other fees? 

Keep_pedalling

You probably would not get a better interest rate than you would have to pay HMRC to pay by instalments, but If there is £100k of liquid assets in the estate after IHT why do you need a loan? 

Deisel_Weisel

Keep_pedalling said:

You probably would not get a better interest rate than you would have to pay HMRC to pay by instalments, but If there is £100k of liquid assets in the estate after IHT why do you need a loan? 

I mean I've calculated what it might be 'after' IT. Probate process is only just begining. Haven't paid any IT yet.

RAS

Who are the executors? Are they doing online or paper probate?

How many beneficiaries?  

Sarahspangles

Is the money for your own use, or because the estate is incurring costs the Executors want to pay upfront?  

Even if for your own use, I think you’d need to tell the other executors that you’re giving information about the estate to a third party.  The loan company would need to have evidence of your ‘expectations’.  And their costs, and therefore the interest rate are surely going to be higher than would be the case for the mostly-automated credit checks run for a more conventional loan.