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.
To register a Power of Attorney with us you can email customerservices@landghomefinance.com or call us on 03330 048444. Monday to Friday 8.30am to 5.30pm. We may record and monitor calls.
You will need to send the following documents to us at Customer Services, Legal & General Home Finance, PO BO 17225, Solihull, B91 9US.
- An original or a certified copy of the Power of Attorney document or the online access code if it has been set up digitally with the Office of the Public Guardian
- Two forms of identification for each attorney you are registering on your account. If you have a joint Power of Attorney we will need this for all your attorneys.
- Photo identification - this could be a copy of a passport or drivers photo licence.
- Proof of address – this can be a utility bill or bank statement which must be dated within the last 3 months and clearly show the attorneys full name and address
- Photo identification - this could be a copy of a passport or drivers photo licence.
Your attorney can register the Power of Attorney for you as detailed above. We will contact you to confirm that you give consent for them to begin acting on your behalf and whether you still wish to receive a copy of all correspondence.
If your attorney is registering the Power of Attorney with us because you have lost capacity, we may need to see a letter from your GP to confirm this before they are able to act on your behalf. For example, if we were processing a drawdown and we receive a Power of Attorney registration request, the Power of Attorney must be set up on the account before we continue with the drawdown.
- Your attorney will need to have their name and address details registered with us, as detailed in the previous section 'How to register an attorney'.
- You should share your account details with your attorney and let them know where your lifetime mortgage documents and annual statements are kept.
- You can also ask them to read this web page and if they want more information about lifetime mortgages, they can find it on later life mortgages.
When they contact us, they will go through our standard identity checks to make sure we’re talking to the correct person. If your attorney is taking a drawdown, we will also need to see a copy of the account holders bank statement, dated within the last 6 months.
If your attorney changes their address, contact number or email they should let us know so that we are able to update our records for future calls and correspondence.
When the account holder with the Power of Attorney registered has died, the attorney will no longer be able to access the lifetime mortgage account. Following the death of the last surviving borrower, we will communicate with the executor of the estate and not the attorney
Power of Attorney form
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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.
Lasting Power of Attorney (Finance)
This gives someone permission to make decisions about your money and property, now or in future.
Lasting Power of Attorney (Health and Welfare)
This is what you’ll need, to give someone permission to make decisions about your healthcare, care arrangements and wider welfare if you aren’t able to.
In Scotland, the equivalent to a Lasting Power of Attorney is simply called Power of Attorney. It's used in a similar way and can be set up to make decisions on Finance, Health and Welfare or both.
Enduring Power of Attorney
If you live in Northern Ireland, you’ll need an Enduring Power of Attorney. This gives someone permission to make decisions about your finances if you’re no longer able to. If you live in England or Wales and set up a Power of Attorney before 2007 it will also be one of these.
Ordinary Power of Attorney
This gives someone permission to access your finances on your behalf, but only while you still have capacity to make your own decisions. If you’d like to make sure they can help even if you lose capacity, you’ll need to set up a Lasting Power of Attorney.
Powers of Attorney across the UK
The different types of Powers of Attorney across the United Kingdom.
England | Wales | Scotland | Northern Ireland | |
|---|---|---|---|---|
Name used for Power of Attorney | Lasting Power of Attorney | Lasting Power of Attorney | Power of Attorney | Enduring Power of Attorney |
Supervisory body | Office of the Public Guardian | Office of the Public Guardian | Office of the Public Guardian Scotland | Office of Care and Protection |
Power of Attorney (POA) facts and myths
Facts
Myths
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
