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Move with Us launches first secured executor lending service for the probate market
New service allows executors to secure equity release loan on estates under probate
The new service is aimed at easing stress and anxiety for executors during what can be a very difficult time, helping them find the most suitable loan secured against the probate property to cover the costs associated with the administration and distribution of probate proceeds.
With an estimated £6 billion* of funds currently tied up in probate property in the UK, it can be a struggle for beneficiaries to free up the funds quickly and administer the estate. Move with Us’ in-depth knowledge and experience in the probate market and its partnership with a specialist broker means executors can benefit from a wide lender selection, competitive interest rates and quality advice.
The secured executor lending service is another addition to the extensive range of products already offered by Move with Us for the probate market which include comprehensive property valuation reports, total management of the probate estate and assistance in selling probate property.
The service is available to solicitors as well as independent customers and the loans can be received before the grant of probate and used to pay inheritance tax.
Russell Cade, Director of Probate at Move with Us, said: “The probate process can be an extremely stressful time for any executor and it becomes even more challenging for those who don’t have the funds necessary to administrate and distribute the probate proceeds to beneficiaries. The new secured executor lending service is a much needed help for executors, offering them the choice and advice from an experienced broker who can point them in the right direction when looking to arrange a loan secured against the probate property.
“We are the first to offer this service to the probate market, which reflects our commitment to providing the best products to match the needs of our clients.”
• *UK property transactions 867,000 (127,000 new homes, part exchange and repossession)
• 5% of properties on market are for probate – 43,350
• Average property price is currently £160,000 (according to http://www.dailymail.co.uk/
• 43,350 X £160,000 = £6,936,000,000
• Properties are usually mortgage free at death. 25% would have a mortgage of 50% LTV so an eighth of the total, leaving £6,069,000,000
For further information, please contact:
Sarah Evans Toyne/ Lianne Robinson/ Chiara Barreca, Broadgate Mainland: firstname.lastname@example.org / Tel. 020 7726 6111
About Move with Us:
• We are one of the UK’s leading residential property experts, providing a broad range of simple and effective services to help consumers buy, sell and value their homes. Our aim is to do property, properly.
• We provide free, impartial advice and tools to home buyers and sellers in the UK through our website and consumer helpline.
• Founded in 1997, we have become one of the largest estate agency networks, with more than 1,100 estate agents in the UK, ensuring that we have access to the best local knowledge.
• We work with the best independent, accredited estate agents across the country, providing property instructions and a host of moving services to help provide our customers with a smooth and efficient move.
• Based in Cambridgeshire, we have approximately 300 staff.
• Our business growth has been recognised with a number of awards, including The Sunday Times Fast Track 100 award in 2005, 2006, The Sunday Times Profit Track 100 award in 2008 and 2009 and The Telegraph Fast Growth List, 2011.
• For further information, please visit: http://www.movewithus.co.uk