Using our high quality conveyancing service helps to make buying and selling properties as easy as possible. It is important to consider that it may not always be straight forward to buy and sell your property, especially if you were in hospital or abroad when documents need signing or if you lose capacity in the future.
What exactly is an LPA?
A Lasting Power of Attorney (LPA) is a legal document that sets out your wishes and allows you to choose:
- Who will make decisions / act for you (known as your attorneys)
- How your attorneys will make decisions (if they make them jointly or jointly in some situations and on their own in others)
- What decisions are made (you can specify preferences and instructions)
A property and finance LPA
This type of LPA gives your attorney(s) the ability to:
- Manage your bank and savings accounts
- Make or sell investments
- Pay your bills
- Buy or sell a property on your behalf
This LPA can be used either only if you lose capacity or as soon as it has been registered (but only with your consent).
The importance of an LPA once you own a property
If you lose capacity:
With a property and finance LPA you could choose a person(s) to act as your attorney(s) on your behalf. They would legally be able to sell your property and/or buy another property on your behalf. Without having an LPA in place, someone would need to apply for a deputyship order (which is more expensive and time consuming) before being able to sell and/or buy a property on your behalf.
If you are unable to sign documents:
With a property and finance LPA you could give authority to your attorney(s) to buy and/or sell your property on your behalf or sign relevant documents on your behalf if you were unable to for instance physically unable or were abroad. Without having an LPA in place you may incur significant delays in the conveyancing process if you are unable to sign the relevant documents due to incapacity or being abroad at the time.
Your risk without an LPA in place:
Many people hold off making an LPA thinking it is a task for the future. Remember that mental capacity can be affected by unforeseen circumstances such as a car accident or illness and not only from a mental illness.
Really helpful and friendly service. We wouldn’t have been able to work through the Powers of Attorney process without the guidance of the staff at Winston Solicitors. We feel happy that we now have plans and security for our future.
6 steps to setting up your LPA
Step 1: Your initial appointment
You will make an appointment at our office to discuss what you would like in your LPA.
The appointment generally takes around 30 minutes.
Step 2: Drafting your LPA
Once we know exactly what you would like in your LPA then we draft your documents and send them to you in the post.
Step 3: Amendments
You need to review your LPA then contact us with any amendments you may have. At this point we will arrange another appointment.
Step 4: Second appointment
This is your opportunity to go through your LPA at our office and ensure you are happy with the document. Once you have signed your LPA it will be witnessed and dated. In this appointment we will also arrange for the document to be signed by a certificate provider. The appointment generally takes around 30 minutes.
Step 5: Attorney signatures
We will arrange for your attorney(s) to sign the document(s) before we send the document(s) to the Office of Public Guardian (OPG) to be registered.
Step 6: Recorded delivery
Following registration we will send you the original document(s) via recorded delivery.
