Twin bird, if you are under "Radar Control Service", ATC should position you to commence the approach at an appropriate altitude.
If you are flying procedurally, and not in receipt of a Radar Service, you would position yourself.
If what you described happened to you, the simple answer is to request a descent to a nominated altitude and you do not need to give the reason as it should be obvious to ATC. So just "Radar this is (callsign), request descent to altitude xxxx feet".
If, you are subsequently cleared for the ILS, and you are above the glideslope, you have no option but to go-around and reposition. I would suggest under such circumstances ATC would be at fault and you should have been requesting a descent in accordance with the procedure.
Finally, unless a hold is prescribed at the IAF on the approach plate, holding and descending at the IAF would be irregular and likely to chaos chaos is a busy ATC environment.