Inheritance lending specialist Tower Street Finance has launched a dispute funding product with a £30m funding line for its panel of inheritance dispute lawyers.
The product, which has been developed in conjunction with its launch panel of lawyers, expands the choices available to member firms who have clients with cases that are likely to be successful but are unable to use deferred fee, or no win no fee, arrangements with clients.
Around one in four people (1) would contest the will of a loved one if they were unhappy with the division of an estate but many do not have the money to fund a claim, even when it is likely to be successful.
Inheritance Dispute Funding (IDF) helps beneficiaries, who have concerns over the validity of a will, fund a claim for a greater share of an inheritance, or pursue a claim under the 1975 Inheritance Act.
Unlike a loan taken out to cover solicitors’ bills, IDF has no credit checks, no personal liability and no monthly repayments.
Gateley Legal partner Gavin Faber, who was involved in the development of the product, said: “We see a number of cases that are likely to succeed but the client does not have the funds to pursue the claim. Unlike a traditional dispute loan, Tower Street Finance are removing the up-front costs to entry that other lenders charge making their proposition more accessible, and a welcome addition to the market.”
Tower Street Finance founder and managing director Andrew Bartle said: “Through our conversations with solicitors it was clear they and their clients were looking for a simple and easy to access solution to inheritance dispute funding.
“By working with experts in their field we’ve designed a product that delivers for the solicitor and the client, and opens up the possibility of a legal challenge for people who could otherwise, unfairly, have missed out on an inheritance.
“We’ve launched with a hand-picked panel of legal firms initially, and will add to that panel as we grow and more solicitors see the benefits for their clients and themselves of working together.”
Benefits of Inheritance Dispute Funding:
- Fast, simple decision making
- No credit check on the client
- No assessment costs – the decision is made based on information supplied by the solicitor
- Funding amount agreed and 100 per cent of the costs are covered
- Interest is only paid on the amount drawn down from the facility to cover solicitors costs as they are paid
- The funding is repaid from the inheritance
- No personal liability and no monthly repayments
In addition to Inheritance Dispute Funding, Tower Street Finance offers two products that make it easier and quicker for executors and beneficiaries to access an inheritance. Its IHT Loan is for executors and is paid directly to HMRC to settle the tax bill, and its award-winning (2) Inheritance Advance is for beneficiaries to access a proportion of their inheritance earlier. Neither carries any personal liability for the customer.
Tower Street Finance is regulated by the Financial Conduct Authority.