Power of attorney

Helping you manage your lifetime mortgage

If you need help managing your lifetime mortgage you may consider setting up a Power of Attorney.

What is a Power of Attorney?

A Power of Attorney is a legal document that allows you to appoint one or more people to make or help make decisions on your behalf, when you no longer wish or are not able to do so.

Although it’s difficult to think about a time when you won’t be able to make your own decisions, if you were to lose mental capacity, you would not be able to access the money in your lifetime mortgage account unless you had a Power of Attorney set up and registered with us.

There are different types of Power of Attorney. To enable someone to manage your lifetime mortgage on your behalf you will need to have a Property and Financial Lasting Power of Attorney, an Enduring Power of Attorney or a General Power of Attorney that has been registered by the Office of the Public Guardian (OPG). An Enduring Power of Attorney does not need to be registered if you have mental capacity.

You must also register the Power of Attorney with us for your attorney to act on your behalf and manage the lifetime mortgage as you would have. This may be making an enquiry, taking additional borrowing or making repayments. You can continue to manage your account whilst you have mental capacity to do so.

When the Power of Attorney has been registered with us the attorney can only access money in the lifetime mortgage account if it is for the sole benefit of the holder of the Power of Attorney. This also applies if you have a joint account and one person is attorney for the other and may restrict the attorneys access to additional borrowing.

You may want to set up a Third Party Authority if you don’t have a Power of Attorney in place but feel you need some support. This enables you to choose someone you trust to discuss details of your lifetime mortgage with us, but not make any decisions or manage the account for you.

You can do this by completing the form and sending it to us at: customerservices@landghomefinance.com or call us on 03330 048444. Monday to Friday 8.30am to 5.30pm. We may record and monitor calls.

Guide to Power of Attorney

What is Power of Attorney?

It’s a legal document that gives the power for someone (your 'attorney') to make decisions about your finance or welfare on your behalf, if you are unable to do so.

You can only set up attorney powers while you’ve got the capacity to make your own decisions, so it’s best to get it in place early on.

Do I need a Power of Attorney?

Many people think that if they lose mental capacity their next of kin, such as a spouse or child, will be able to make decisions on their behalf. Whilst family should be consulted in these situations, the ultimate decision will not lie with them unless you have set up a valid Power of Attorney.

What if I change my mind?

So long as you have mental capacity, you can withdraw the Power of Attorney at any point by contacting the supervisory body in your country.

Can I have more than one Attorney?

Yes, you can appoint any number of people to act on your behalf under a Power of Attorney. You will need to specify whether they are to act jointly (all in agreement) or whether there are some decisions that they can take ‘severally’ (in isolation).

How much does Power of Attorney cost?

In England and Wales, it costs around £80 to register a Power of Attorney and you can complete the forms yourself. If you use a solicitor’s firm or will writing service it will cost several hundred pounds.

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Co-op Legal Services

The Co-op Legal Services Executor & Attorney Support Hub has more information on setting up a Power of Attorney and their regulated legal team can provide you with advice and assistance. We have an agreement with Co-op Legal Services who will offer you a 10% discount on their standard fees for setting up a Lasting Power of Attorney.

Understanding mental capacity

Being able to make and communicate decisions at the time you need to make them is called having mental capacity. It means you understand the decision you’re taking, why you need to take it, and the likely outcome

Carer helping older person

Need help?

Understanding mental capacity

Losing your mental capacity can be a daunting prospect, however the sooner you plan on how to deal with it, the more in control you can be.

Need legal advice?

We have an agreement with Co-op Legal Services who will offer you a 10% discount on their standard fees for setting up a Lasting Power of Attorney. Their Executor & Attorney Support Hub has further information.

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