Provira unlocks £1m inheritance following two year probate

When lifelong friend, Freddie, sadly passed away following a brief illness, 70-year-old LeB was the surprise beneficiary of his estate, including a property valued at over £1m.

It was a generous gift that quickly darkened following a two-year delay to grant of probate, HMRC demanding almost £100,000 in inheritance tax and Freddie’s care home providers persistently chasing £50,000 in fees and with no funds to pay those debts.

LeB enjoyed a long and close friendship with Freddie spanning 18 years, sharing a love for the antiques trade and travel. Following the death of his wife and as old age advanced, LeB was the first and obvious choice to act as his attorney under the powers of attorney regime and as an executor of his estate. It was, she says, the natural thing to do to support a lifelong friend.

“The last few years of Freddie’s life were wonderful, but were fraught as dementia took hold,” says Lesley. “People were quick to take advantage of him.”

As his dementia advanced, Freddie was increasingly unable to keep on top of his home and garden and was moved into a lovely care home. But just six months later, in 2022, he suffered a stroke and heart attack passing away shortly afterwards. 

As Freddie’s attorney, LeB was in the process of selling his home to pay for his care fees, which following his death had to be halted until grant of probate.

“It was terribly sad, grieving the loss of such a close friend, and a huge surprise to discover on the reading of his will that I was to inherit his house and estate, valued at just over £1m.”

Yet as the probate process dragged on – only concluding two years after Freddie’s death – that problems started to build.

“HMRC require inheritance tax to be paid within six months, Freddie’s care home was demanding its fees, and the solicitor also needed their fees paid. I had to find £130,000, with no funds available to me from his estate. The stress and anxiety were unbearable.” 

LeB approached her bank and other lenders but repeatedly hit a blank wall. “Nobody wants to lend to a 70-year-old pensioner living in a modest £300,000 cottage!”

The stress and anxiety became too much for Lesley, triggering an auto-immune disease and a short stay in hospital.

“It felt like I was being constantly bullied, whilst all of the time grieving the loss of one of my closest friends,” says Lesley. “It was my faith that helped me through this very dark period.”

“A weight lifted”

It was at this time, that Lesley’s solicitor Birkett Long, suggested she approach the specialist probate lender Provira.

Provira supports executors of estates with two lending options:

• Estate Advance – allowing estate executors to pay inheritance tax and other estate liabilities before the grant of probate.
• Inheritance Advance – allowing beneficiaries to access an inheritance before probate is granted and assets sold.

The specialist lender has seen an increased demand for both estate and inheritance advance loans over the past 12 months following the considerable and well-documented delays in securing probate.

Estate advance and inheritance advance loans are lent against the value of an estate with no monthly repayments or early repayment fees. They are quick to agree, typically, within one week, as underwriting is based on the value of estates rather than personal financial circumstances.

“I spoke to Debbie Collins who was incredibly warm and reassuring and within 30 minutes said that Provira would be able to help, depending on a review of the assets in the estate and the will,” says Lesley.

Within a week, Provira had advanced an initial loan of £10,000 to meet the immediate costs incurred through administering probate. As the probate process continued to drag on, Provira advanced a total of £225,000, allowing LeB to pay the inheritance tax due on the estate, Freddie’s care home fees, the solicitors costs, and to renovate Freddie’s home and gardens.

It was, LeB says, “as if a weight had been lifted”.

“Executors of estates do not always understand the responsibilities you take on. You are grieving the loss of a loved one and stuck in a system that is slow and uncaring. It is enormously stressful, and, whilst it might sound dramatic, without Provira, I don’t think I would have survived the past two years.” 

A new beginning 

The support from Provira has enabled LeB to renovate the property and complete the estate administration process. Although the agreement with Provira was based on the house being sold, she has been able to raise sufficient funds to repay the advances without the need to do this. As such, she has now moved into the house. 

“It is a wonderful old house with a large garden full of memories of the lovely times we enjoyed together,” says Lesley. “It may sound silly, but Freddie’s cat has been able to stay in the home too and I have added two rescue dogs.”

LeB has created a wildlife haven in the home and garden, regularly feeding visiting hedgehogs, muntjac deer and a family of foxes.

“I am now where I was supposed to be, where Freddie would have wanted me to be, and that is all thanks to the wonderful team at Provira.”