Probate delays are now commonplace, and it is no longer unusual for large or complex estates to take 12 months or more to complete. It often means the beneficiaries of estates have to put their lives and financial plans on hold until probate completes.

In 2022, the father of South West London property developer MJ sadly passed away leaving a £30 million estate to be shared equally amongst his four children. MJ had found the dream home in which she and her husband planned to retire, but the purchase was at risk of falling through following delays in finalising probate.

An experienced developer with considerable experience in raising finance to fund new projects, MJ refused to believe there was no possible way to secure funding on a guaranteed inheritance.

“We had exchanged on a property and we were fortunate that the seller was happy with a longer wait to completion, but the longer probate dragged on the greater the risk of losing our dream home,” explained MJ.

“I have developed bespoke and high-end property over the last 30 years or so and was very comfortable and experienced in securing funding to support that. It was a long shot but I wondered if it would be possible to secure funding against this inheritance.”

An internet search led MJ to Provira, the specialist probate lender, that supports executors and beneficiaries 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.

Provira offers a highly personalised service and it was the firm’s managing director Steve Gauke who happened to take the call.

“My experience of lenders is of having to navigate automated switchboards and very impersonal, bureaucratic organisations that take an age to reach any kind of decision,” said MJ. “So it was enormously refreshing to speak to Steve from the very beginning.”

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.

“Steve was unbelievably helpful and very quickly confirmed that, depending on a review of the assets in the estate and the will, Provira would be able to provide an inheritance advance,” adds MJ.

In just over a week, the advance was with MJ, allowing her to purchase her dream house. Provira subsequently provided three further inheritance advances, with Steve acting as MJ’s point of contact and decision-maker in each instance.

“Provira really does provide the gold standard in customer service,” says MJ. “Its approach is highly personal, with sympathetic and extremely helpful advisers. There is a lot the big banks could learn from Provira.”

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. The average size of an inheritance advance is £40,000 and an estate advance £70,000, although loans of up to £700,000 are not uncommon.

To understand how Provira might be able to help you, visit www.provira.com.