A property and financial affairs lasting power of attorney (LPA) is a legal document that lets one or more people you choose, called attorneys, manage your money and property. It can cover paying bills, running bank accounts, dealing with pensions and benefits, and even selling your home.
In England and Wales it is one of two types of LPA. It must be registered with the Office of the Public Guardian before it can be used, and once registered it can be used either straight away with your permission or only if you later lose the mental capacity to manage your own affairs (gov.uk, as at August 2026, subject to change). This guide explains what it covers, what it costs, and the steps to put one in place.
What is a property and financial affairs LPA?
It is a formal document made under the Mental Capacity Act 2005 that gives your chosen attorneys legal authority to make decisions about your finances and property. You make it while you still have mental capacity, and it stays ready in case you need it. Because a general power of attorney ends if the person who made it loses capacity, an LPA is the arrangement most people use when the aim is to plan for the future rather than a short, one-off task (gov.uk, as at August 2026, subject to change).
What a property and financial affairs LPA covers
The authority can be broad. Subject to any restrictions you set, attorneys acting under this LPA can deal with day-to-day money matters and larger decisions about your property and assets. Common examples given by gov.uk include:
- Managing a bank or building society account
- Paying bills
- Collecting benefits or a pension
- Selling your home
Source: gov.uk/power-of-attorney, as at August 2026, subject to change.
You can add instructions your attorneys must follow and preferences you would like them to consider. Whatever the wording, attorneys must always act in your best interests and follow the principles of the Mental Capacity Act (gov.uk, attorney duties, as at August 2026, subject to change).
The two types of LPA
There are two separate LPAs, and they are made and registered independently. Many people set up both so that decisions about money and decisions about care are covered.
| Type of LPA | What it covers | When it can be used |
|---|---|---|
| Property and financial affairs | Money, bank accounts, bills, pensions, benefits, buying or selling property | As soon as it is registered, with your permission, or only on loss of capacity if you prefer |
| Health and welfare | Daily care, medical treatment, where you live, and care arrangements | Only when you are no longer able to make the decision yourself |
Source: gov.uk/power-of-attorney, as at August 2026, subject to change.
When can it be used?
This is the point that sets the property and financial affairs LPA apart. It can be used as soon as it is registered, with your permission, which means an attorney could help while you still have full capacity, for example during a spell in hospital or while you are abroad. If you would rather it only came into effect if you lost capacity, you can say so in the LPA itself (gov.uk, as at August 2026, subject to change). A health and welfare LPA, by contrast, can only ever be used once you can no longer make the relevant decision.
What it costs and how long it takes
The registration fee is set by the Office of the Public Guardian. It is charged per LPA, so registering both types means paying twice.
| Item | Detail (August 2026) |
|---|---|
| Registration fee, one LPA | £92 |
| Registration fee, both LPAs | £184 |
| Fee reduction | Available if gross annual income is less than £12,000 (a 50% reduction may apply) |
| Fee exemption | May apply if you receive certain means-tested benefits, such as Income Support |
| Time to register | Around 8 to 10 weeks if there are no mistakes |
Source: gov.uk/power-of-attorney/register, as at August 2026, subject to change. A solicitor or will writer may charge a separate fee for preparing the document, on top of the OPG registration fee.
How to set one up
You can make and register an LPA yourself through gov.uk, or ask a solicitor or a will writer to prepare it for you. The main steps are broadly the same either way.
- Choose your attorneys and decide whether they act jointly, or jointly and severally.
- Complete the LPA form, adding any instructions or preferences and naming anyone who should be told when it is registered.
- Have it signed and witnessed in the correct order, including a certificate provider who confirms you understand the document and are not under pressure.
- Register it with the Office of the Public Guardian and pay the fee (or apply for a reduction or exemption).
The order of signatures matters, and an error can mean the application is rejected and has to be corrected, which adds to the wait (gov.uk, making an LPA, as at August 2026, subject to change). Getting the drafting checked before it is sent off is one reason some people choose to have an LPA prepared professionally.
Choosing your attorneys
Because this LPA can give access to your money and property, the choice of attorney matters a great deal. Attorneys must be aged 18 or over and, for a property and financial affairs LPA, must not be bankrupt or subject to a debt relief order (gov.uk, choosing attorneys, as at August 2026, subject to change). People often appoint a spouse, adult child, close relative or trusted friend, and can name replacement attorneys in case a first choice is unable to act. Where you appoint more than one, deciding how they must act together is an important part of the design, and general information like this is no substitute for thinking it through around your own circumstances.
Scotland and Northern Ireland
This guide describes the law of England and Wales, where LPAs are registered with the Office of the Public Guardian. Scotland has its own system of continuing (financial) and welfare powers of attorney, registered with the Office of the Public Guardian (Scotland) (publicguardian-scotland.gov.uk, as at August 2026, subject to change). Northern Ireland uses an enduring power of attorney for financial matters, which is a different document again. If your affairs touch more than one part of the UK, it can be worth checking the position in each.
Frequently asked questions
What does a property and financial affairs LPA cover?
It lets your chosen attorneys deal with your money and property. Examples given by gov.uk include managing a bank or building society account, paying bills, collecting benefits or a pension, and selling your home. You can add instructions and preferences, and attorneys must always act in your best interests (gov.uk, as at August 2026, subject to change).
Can a property and financial affairs LPA be used before I lose capacity?
Yes, in many cases. Once registered, this LPA can be used straight away with your permission, so an attorney could help while you still have full mental capacity. If you would rather it only took effect if you lost capacity, you can set that out in the document itself (gov.uk, as at August 2026, subject to change).
How much does it cost to register?
The Office of the Public Guardian fee is £92 to register one LPA, so registering both the property and financial affairs LPA and the health and welfare LPA costs £184. A 50% reduction may apply if your gross annual income is under £12,000, and an exemption may apply on certain means-tested benefits (gov.uk, as at August 2026, subject to change).
How long does it take to register an LPA?
Registration currently takes around 8 to 10 weeks if there are no mistakes in the application (gov.uk, as at August 2026, subject to change). Errors can lead to the application being returned for correction, which extends the wait, so many people apply well before they expect to need it.
What is the difference between the two types of LPA?
A property and financial affairs LPA covers money and property, and can be used as soon as it is registered with your permission. A health and welfare LPA covers care and medical decisions, and can only be used once you are no longer able to make the decision yourself. They are separate documents, registered separately (gov.uk, as at August 2026, subject to change).
Do I need a solicitor to make one?
No. You can make and register an LPA yourself through gov.uk. Some people prefer to have it prepared by a solicitor or will writer, particularly where the family or financial position is more involved, because the signing order must be correct and mistakes can delay registration (gov.uk, as at August 2026, subject to change). Which route suits you depends on your circumstances.
Can I cancel a property and financial affairs LPA?
Yes. While you still have mental capacity you can cancel (revoke) an LPA, and you can also change your attorneys. There is a formal process to follow, and it is worth telling anyone who holds a copy that it no longer applies (gov.uk, as at August 2026, subject to change).