Tower Street Finance – a quick, reliable and flexible experience

Tower Street Finance – a quick, reliable and flexible experience

Tower Street Finance was able to offer a speedy and efficient service to an IFA and solicitor for a case where a large Inheritance Tax bill was due within days, with no means to pay.

The deceased had left a complex estate to manage with commercial assets plus several properties both in the UK and abroad. With two executors involved (a solicitor and family member) and IHT liabilities and professional fees totalling £950k, the IFA who was managing the case was looking for a funding provider.

Tower Street Finance’s relationship support manager Sam Day said:

“The client needed to move fast as the IHT bill was due imminently so the IFA was advised to contact us by the solicitor involved as we’d recently had a good meeting with them to talk about our offering.

“Even though there were more than 60 documents to process we were able to give a positive decision within 48 hours and offer our Estate Expense Funding product for the full amount. We’d have been even quicker but for the fact that the solicitor (the executor) was out of the office for a day! The HMRC bill was paid by us within a further 24 hours and the funding also covered the overseas IHT and professional fees.”

Find out more about our products and partnering with us at https://towerstreetfinance.co.uk/partner-with-us/ or call us on 0343 504 7100.

And you can find out more about our Estate Expense Funding product here https://towerstreetfinance.co.uk/estate-expense-funding/

 

This article was submitted to be published by Tower Street Finance as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.

Tower Street Finance

https://towerstreetfinance.co.uk/

Tower Street Finance (TSF) was set up by an experienced management team who saw a need for relevant, accessible financial products which benefit administrators of estates, executors and beneficiaries. We are passionate about using insight, data and our considerable experience to help customers with innovative products and services, including those who may be in financial difficulty. We currently have four products which are aimed at the inheritance market and they all have a common DNA. There are:

  • No credit checks
  • No risk or personal liability
  • No charge over property
  • No monthly repayments
  • No requirement for a Will
IHT Loan The IHT Loan can help when estates are effectively ‘locked’ because the executor needs to pay the IHT to get the Grant, but needs the Grant to realise the assets to pay the IHT. It’s taken out by the executor/personal representative and can solve the problem. The money is used to pay HMRC and it’s a way of meeting the IHT liability to unlock the estate with no risk or need to take out a personal loan/bridging loan. Inheritance Advance (winner of Innovation of the Year, British Wills and Probate Awards 2020) An Inheritance Advance allows beneficiaries to access a proportion of their inheritance sooner, with the Advance repaid out of the proceeds of their inheritance. This solves the problem of beneficiaries asking when they’ll be able to get their money and you having to explain that the process is complicated and lengthy. Again, there’s no risk – if another Will emerges or assets take longer to sell or sell for less than anticipated, or another debt is discovered, we take the risk. Inheritance Dispute Funding (IDF) Inheritance Dispute Funding helps people who want to dispute a will but don’t have the money to fund the legal bills. We know that one in four people would dispute an inheritance if they felt it was unfairly distributed. Contesting a will can cost up to £5k in upfront costs and there’s no guarantee your case will be taken on – with IDF the solicitor gives their opinion on the case and win or lose – we take the risk. We pay the costs and then they’re repaid from the estate proceeds. Estate Expense Funding (EEF) Estate Expense Funding is for executors who face costs while they’re dealing with their responsibilities of administering an estate. These can be unexpected but we can help cover the costs until the inheritance is released Executors could be liable for expenses such as funeral costs, professional fees, house and garden maintenance and more. We pay the costs and then they’re repaid from the estate proceeds
Key Services
Key Contact Richard (Dicky) Davies, Business Development Director Tel: 07702 559051 Email: [email protected] LinkedIn Acc: Dicky Davies Facebook: Tower Street Finance Instagram: Tower Street Finance
Address: 46 Tower Street Harrogate North Yorkshire HG1 1HS

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