A property and financial affairs LPA (lasting power of attorney) lets you appoint one or more people, your attorneys, to manage your money and property if you are unable to. It can cover paying bills, running bank accounts, collecting a pension and selling your home. This guide covers England and Wales.
What is a property and financial affairs LPA?
A property and financial affairs LPA is a legal document that gives someone you trust authority over your money and property. It is one of two types of lasting power of attorney in England and Wales, the other covering health and welfare. The person who makes it is the donor; the people appointed are the attorneys. It must be registered with the Office of the Public Guardian (OPG) before anyone can use it (gov.uk, as at August 2026, subject to change).
What decisions can your attorney make?
A property and financial affairs LPA lets your attorneys handle the everyday and one-off money matters you would normally deal with yourself, within any limits you set in the document. That can include running your bank accounts, paying bills, collecting your pension and benefits, managing savings and investments, and buying or selling property, including your home. You decide how wide these powers are, and can add binding instructions and preferences when you make it.
- Running your bank and building society accounts.
- Paying your bills, mortgage, rent and household costs.
- Collecting your pension, benefits and other income.
- Managing your investments and savings.
- Buying or selling property, including your home.
- Insuring, maintaining and repairing your property.
Source: gov.uk, make a lasting power of attorney, as at August 2026, subject to change.
When can a property and financial affairs LPA be used?
Once registered, a property and financial affairs LPA can be used while you still have mental capacity, if you allow it, and continues if you later lose capacity. You choose one of two options when you make it:
- As soon as it is registered. Your attorney can act straight away, even while you can still manage your own affairs, which is useful if illness, travel or frailty makes day-to-day tasks harder.
- Only when you lose capacity. You restrict the LPA so your attorney can step in only once you can no longer make the relevant decision yourself.
A health and welfare LPA is different: it can never be used while you still have capacity. Whichever option you pick, your attorney can only ever act after the LPA is registered (gov.uk, as at August 2026, subject to change).
Property and financial affairs LPA versus a health and welfare LPA
The two LPAs cover different parts of your life and are separate documents, each registered on its own with its own £92 fee. A property and financial affairs LPA deals with money; a health and welfare LPA deals with care and medical treatment. Many people put both in place.
| Property and financial affairs LPA | Health and welfare LPA | |
|---|---|---|
| What it covers | Bank accounts, bills, pensions, benefits, investments, buying and selling property | Care, medical treatment, where you live, daily routine, life-sustaining treatment |
| When it can be used | As soon as it is registered, if you allow it, even while you still have capacity | Only after you lose mental capacity |
| Form | LP1F | LP1H |
| Registration fee | £92 | £92 |
Source: gov.uk lasting power of attorney, as at August 2026, subject to change. See our companion guide to the health and welfare LPA.
How do you set up a property and financial affairs LPA?
You make a property and financial affairs LPA while you still have mental capacity, then register it with the OPG before anyone can use it, and you must be aged 18 or over. Broadly, you choose your attorneys, decide how they act, complete form LP1F, have a certificate provider confirm you understand it, sign and witness it in the correct order, then register and pay the £92 fee.
- Choose your attorneys. Pick one or more people you trust with money, and consider naming replacements.
- Decide how they act. If you appoint more than one, choose whether they act jointly, or jointly and severally.
- Complete form LP1F. Use the OPG online service or the paper form, adding any instructions or preferences.
- Get a certificate provider. An independent person confirms you understand the LPA and are not under pressure to make it.
- Sign and witness in order. You, the certificate provider and your attorneys sign in the correct sequence, each signature witnessed.
- Register with the OPG and pay the £92 fee. The LPA cannot be used until registration is complete.
Process summarised from gov.uk, make a lasting power of attorney, as at August 2026, subject to change.
How much does it cost and how long does it take?
It costs £92 to register a property and financial affairs LPA with the OPG, and registration usually takes around 8 to 10 weeks if the application is correct (gov.uk, as at August 2026, subject to change). Some older guides still quote £82 and a wait of up to 20 weeks, which reflected an earlier backlog rather than the current position.
| Item | Detail (August 2026) |
|---|---|
| Registration fee | £92 per LPA (£184 for both types) |
| Fee reduction | 50% off if your gross income is under £12,000 a year |
| Fee exemption | Possible if you receive certain means-tested benefits, such as Income Support |
| Time to register | Usually around 8 to 10 weeks if there are no mistakes; the online service is generally quicker |
| Objection period | People notified of the LPA have 3 weeks to raise concerns with the OPG |
Source: gov.uk registration and fees, as at August 2026, subject to change.
What are your attorney's legal duties?
An attorney under a property and financial affairs LPA is a fiduciary. They must act in your best interests, put your interests before their own, keep to any instructions you set in the document, and follow the Mental Capacity Act 2005 and its statutory Code of Practice. They can only make decisions you are unable to make for yourself at the time (gov.uk, as at August 2026, subject to change).
Your attorney must keep your money and property separate from their own, keep accounts of what they spend, and avoid conflicts of interest. Gifts are tightly limited: an attorney can normally give only modest gifts on customary occasions, such as birthdays, unless the Court of Protection approves more. Serious breaches can lead to removal, repayment or, in cases of deliberate abuse, prosecution.
What happens if you don't have one?
If you lose capacity without a property and financial affairs LPA, no one automatically has authority over your finances, not even a spouse. Banks can freeze accounts in your sole name, and no one can sell your home or manage your affairs on your behalf.
A family member would then have to apply to the Court of Protection to be appointed as a deputy, which is slower, more expensive and more heavily supervised than making an LPA in advance. This LPA is part of wider estate planning and often sits alongside a will and planning for the impact of care fees.
Frequently asked questions
These are the questions people ask most often about a property and financial affairs LPA. In short, it can be used only once registered, and sooner than a health LPA if you allow it; it costs £92 to register; an attorney can sell your home unless you restrict this; and you do not need a solicitor, though many people take advice where their affairs are complex.
When can a property and financial affairs LPA be used?
Once registered, it can be used as soon as you allow it, even while you still have mental capacity, or you can restrict it so your attorney acts only after you lose capacity. You choose which applies when you make the LPA, and it can never be used before registration (gov.uk, as at August 2026, subject to change).
How much does a property and financial affairs LPA cost?
It costs £92 to register with the Office of the Public Guardian. You may get a 50% reduction if your gross income is under £12,000 a year, or an exemption if you receive certain means-tested benefits. Older guides quoting £82 are out of date (gov.uk, as at August 2026, subject to change).
Can my attorney sell my house?
Yes, a property and financial affairs LPA can give an attorney authority to sell your home, unless you have restricted this in the document. They must act in your best interests under the Mental Capacity Act 2005 and keep the proceeds separate from their own money (gov.uk, as at August 2026, subject to change).
Do I need a solicitor to make one?
No, you can make and register a property and financial affairs LPA yourself using the OPG online service or form LP1F. Many people still take advice where their finances are complex, a business is involved or they want to be sure the instructions are worded correctly (gov.uk, as at August 2026, subject to change).