Loans to pay Estate expenses
Access 50% of your Estate upfront to help cover Expenses
What is Expense Estate Funding?
Expense Estate Funding is a way of raising finance to pay any legal fees or running costs when dealing with an Estate during Probate.
If you are the Executor of an Estate, you may be facing a number of unprecedented costs, and as you go through the Probate process, you may have limited funds available to pay for these.
From solicitor fees, conveyancing fees, accounting fees and funeral costs, and a hefty Inheritance Tax bill, many Britons find that they are in a shortfall and in need of funding to bridge the gap before the Estate and Inheritance is administered.
Provira offers Expense Estate Funding through its Estate Advance product. We offer immediate access to up to 50% of the estate’s net value, with funds available in just a few days..
We charge a monthly fee of 1.5%-2% which is rolled up and paid in full via the Solicitor when the Estate is finalised.
Speak to our team today on 0203 813 6400 or complete our short form online. We are interested to hear your situation and how we can provide a viable and effective funding solution for you.
How it works
Efficient solutions at speed
Provira enables you to access up to 50% of the value of the estate within 3 days of application.
Simple and straight-forward pricing
We only charge simple interest (not compound interest) so costs are fixed and transparent and you are not paying interest on the interest. We are FCA regulated.
Confidence in the process
We work directly with solicitors and pay HMRC Inheritance Tax directly. There is no personal guarantee required, no monthly repayments and no early repayment fees.
What are typical Estate Expenses?
- Funeral costs – £3,000-£7,000
- Legal fees – £1,000-£6,000
- Accountancy fees – £1,000-£5,000
- Property fees – valuation (up to £1,000), maintenance and upgrades
- Application for Grant of Probate – £300
- Inheritance Tax – 40% of estate value after nil rate band and residence nil rate band
Legal fees may be significantly higher during complex Probate processes which may involve multiple properties, money located abroad and Inheritance disputes.
Why use Provira for Estate Expense Loans?
- We have more 5-star reviews than any other provider.
- We are known for our exceptional customer service. We have deep knowledge of the probate process to hand hold you and answer any questions throughout the process.
- Our customers deal with the same caring and experienced underwriter at all times – with backup should that person be away.
- We only charge simple interest, not compound interest. So, customers are not paying interest on top of the interest, making ours the most cost effective Inheritance and Estate Advance Loans in the market.
- We will not be beaten on price. We have incredibly competitive rates and we won’t be beaten on price.
- We are fast: On receipt of the information we require we can normally process loans and, if approved, issue loan documents for signature within 2-3 days. Funds are released on the same day all documents are signed.
- We are fair: We’re happy to only lend you what you need so that you don’t pay unnecessary interest.
- We are transparent: We send regular statements so customers are kept well informed on loan performance.
- We liaise directly with law firms, solicitors and Executors to obtain all the information we need for underwriting. This information is the same as required to obtain probate. So, it should be readily available.
- We can pay Inheritance Tax to HMRC directly. Giving you one less thing to worry about.
- There is no maximum loan value. We offer loans from £20,000 to over £1 million.
- There is no risk to the borrower. No personal guarantees or charges over property are required.
What are the benefits of Loans for Estate Expenses?
Immediate advance – Executors can receive up to 50% of the estate’s eligible assets within a matter of days.
No charges on your own family home – as the loan is secured against the estate, there are no personal guarantees or charges over your own home or property.
Not penalised if your inheritance is less than expected – you will not be required to cover any shortfall if the value of the estate and/or the value of your future inheritance turns out to be less than expected, assuming no breach of loan agreement.
Can I use the Loan to pay other expenses?
Yes, you can use our Estate Advance Loan to pay any other estate expenses such as a Probate lawyer, legal fees, funeral costs and tax accountants.
Does my loan have to be used only for Estate Expenses?
Our Estate Advance product allows you to access up to 50% of the net value of the estate immediately and this can be used to pay off any estate expenses (such as legal fees) or to pay for renovations or repairs to the property.
Our Inheritance Advance product offers immediate access to up to 50% of your inheritance where the funds can be used however you see fit – such as making home improvements, consolidating debt, paying for school fees, buying a new car, going on holiday or to cover day to day expenses.
Get your Estate Advance in these 4 simple steps
1
2
Send us your documents
We confirm your eligibility and send you a list of the documents we’ll require, including:
- Copy of Death Certificate
- Copy of Will (if applicable)
- Copy of Grant of Probate/Confirmation/Letters of
Administration (if applicable) - Confirmation of the assets and liabilities within the estate
- Proof of ID, address and bank details
We confirm your eligibility and send you a list of the documents we’ll require, including:
Show list
- Copy of Death Certificate
- Copy of Will (if applicable)
- Copy of Grant of Probate/Confirmation/Letters of
Administration (if applicable) - Confirmation of the assets and liabilities within the estate
- Proof of ID, address and bank details
3
Your application is assessed
Our experienced underwriters assess your application within 48 hours and successful applications receive a formal email offer.
4
Receive your funds
Ready to get started?
Other things to know
- There are no monthly repayments and no early repayment fees.
- The Advance is normally repaid in full when your inheritance is received.
- When the estate is settled the loan is repaid to us, normally by the Estate Administrator or the professional firm responsible for the sale of a property within the estate.
- If it turns out that your inheritance is less than expected, then as long as you have kept to the terms of the agreement, you will not be required to pay the shortfall should there be one.
Jon – Estate Advance
From roaming to roots. Jon’s story of creating a legacy for his kids.
Jon – Estate Advance
From roaming to roots. Jon’s story of creating a legacy for his kids.
Representative example
An Advance of £50,000 with an Arrangement Fee of 2% (£1,000) and an Interest rate of 24% (fixed). Interest is calculated on the advance and the fee and accrues daily.
*representative 26.5% APR.
What are the fees for an Estate Advance?
The Arrangement Fee (which is simply added to the loan) is 1-2% of the loan amount. The interest rate is 1.5-2% per month for as long as the Advance is outstanding.
Crucially, we only charge simple interest rather than compound interest. This means you are not paying interest on the interest. In the example above, this would result in a saving of £1,440 compared to all other providers with the same rates and fees that do charge compound interest.
What are the fees for an Estate Advance?
The Arrangement Fee (which is simply added to the loan) is 1-2% of the loan amount. The interest rate is 1.5-2% per month for as long as the Advance is outstanding.
Crucially, we only charge simple interest rather than compound interest. This means you are not paying interest on the interest. In the example above, this would result in a saving of £1,440 compared to all other providers with the same rates and fees that do charge compound interest.
We’re here to help
It’s important to us that you have all the information you need to move forward with hope.
or call us on 0203 813 6400
FAQ's
Yes, these loans are considered the same. At Provira, we offer up to 50% of the net value of the overall Estate, provided that Probate is in progress.
We can typically approve loans within 48 hours provided that we receive all the relevant information and documentation. We aim to release funds for approved loans within a matter of days.
We can offer up to 50% of the Estate’s net eligible assets and we will estimate the value of the Estate’s eligible assets less any liabilities owed, such as the Administrator’s fees, mortgages over property within the Estate, etc. This gives the Estate’s estimated net eligible asset value including UK domiciled cash, publicly quoted investments and properties that are to be sold. Some other assets may be considered.
We do not take personal security against your own home, our claim is in the overall net value and assets of the estate.
No. The decision will be based on the assessment of the Estate. Therefore, your employment information is not relevant.
No, your loan eligibility is based and underwritten on the value and assets within the Estate – and your personal credit rating is not considered in the application.
Our Estate Advance finance can be used to cover funeral costs, IHT, Probate fees, legal fees, accounting fees, property renovations and repairs and any other ongoing fees relating to the Estate.
With our Inheritance Advance product, your funds can be used for anything – personal, business or home related.
Yes, we require a professional firm to be responsible for the distribution of the asset(s) that will enable the Advance to be repaid. This would typically be the Estate Administrator or Conveyancing Solicitor.
The loan is repaid when your Estate is settled and Probate is granted. There are no monthly repayments for you to make manually or via direct debit, since this is all rolled up and paid off when the Estate has been settled.