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Lasting Powers of Attorney (LPA)

016th July 202016th July 2020
By Oakwood Mortgage ServicesIn General

You may have already arranged a Will* to deal with matters in the event of your death, but have you considered what would happen if you became unable to handle your affairs while still alive?

Peace of mind
Have you considered how a physical or mental illness could affect your ability to manage your personal affairs? If the prospect of this worries you, you should consider setting up an LPA. This is a legal document which allows you to appoint one or more people to either help you make legal decisions, or to make them entirely on your behalf.
Knowing that your financial affairs will be looked after by people you trust can give you valuable peace of mind.

Power of Attorney (POA)
There are a number of different types of POA available depending on your requirements:
1. Ordinary POA
2. Lasting POA
3. Enduring POA (replaced by LPAs on 1 October 2007, but still valid if you signed one before this date)

An Ordinary POA can be used while you still have the mental capacity to make your own decisions, but you require temporary assistance. For example, if you are hospitalised or on holiday and you want to empower someone to make financial transactions on your behalf.

LPAs explained
An LPA is required if you want to give someone the legal authority to make decisions on your behalf in the event you lose mental capacity. The word ‘lasting’ refers to the fact that the power remains in place after the donor loses mental capacity. There are two types of LPA:
1. Health and Welfare LPA – your attorneys will be able to act on your behalf if you become completely unable to make decisions regarding your own wellbeing. For example, if your circumstances mean you require full time care, medical treatment or help with your daily routine, they will step in and act in your interests.
2. Property and Financial Affairs LPA – your attorneys can make decisions concerning your bank accounts, paying bills or even selling your home if required. Unlike the Health and Welfare LPA, this version can be used as soon as it is registered, but only with your permission – i.e. you are still fit to make other decisions on your affairs.

Choosing your attorneys
When deciding who you would like as your attorneys, there are a few things to consider:
• How well do you know them?
• How well do they look after their own affairs?
• Do you trust them to make decisions that are best for you?
• Will they be comfortable making these decisions?
If you choose more than one attorney, you will also need to decide whether they will make decisions separately or together. Replacement attorneys are a good idea in case your chosen attorneys become unable to carry out the role for whatever reason.

Contact us
If you would like any assistance in deciding whether an LPA would be suitable for you, or any help setting up an LPA, please get in touch.

*Will writing and Lasting Powers of Attorney are not part of the Openwork offering and is offered in our own right. Openwork Limited accept no responsibility for this aspect of our business.
Will writing and Lasting Powers of Attorney are not regulated by the Financial Conduct Authority

Check your existing income protection policyPension planning for the self-employed

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Oakwood Mortgage Services Ltd
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Sharon Price
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15:30 12 Aug 20
In these current times Stuart has assisted me with a temporary solution to my mortgage issues which went very smoothly. I will be working with Stuart again very soon to change mortgage product completely. Thank you Oak wood Mortgage Services
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I would like to say a huge thank you to Oakwood Mortgage Services and in particular to Richard Burley who seems capable of working miracles, particularly when dealing with the complicated applications of a sportsman. Richard’s calm manner and problem solving have been brilliant over the years and allowed both Katie and I to stay relaxed and in control during stressful house buying moments, as well as helping us to navigate the the complex buy-to-let market! We owe a huge debt of gratitude to Richard and Oakwood mortgage services ahead of moving house next week, and I would highly recommend their services. In particular I would recommend them to other sports people who have previously struggled with mortgage companies based on our short contracts and the potentially volatile nature of our work. Thanks again Richard. Ben and Katie
Gwenie Ralph
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20:57 06 Jul 20
I gave Stuart at Oakwood Mortgage services a challenge of finding me an impossible mortgage. I knew I wouldn't get exactly what I wanted, but he came up with some nice surprises. He explained everything, not pushy at all, a friendly and professional approach. Thank you
nicky Myers
nicky Myers
19:17 25 May 20
We were first time buyers and dealt with Richard around the mortgage application. He helped us understand each process, explaining everything thoroughly and came to meet us twice where he was very personal and efficient. Dave took us through the building and contents and life insurance process, again coming to meet us in person and took us through the options, step by step. Dave was very communicative and answered any questions we had.Emma was there throughout this process and on hand with any urgent queries we had and was a delight to deal with.They managed to make it all happen, even during lockdown!Highly recommend Richard, Dave, Emma and Oakwood. We are very happy in our new home!
Daniella Castro Gouveia
Daniella Castro Gouveia
11:31 19 May 20
I have worked with a number of the Oakwood team over many years and they are all excellent and totally professional at what they do. Dave came to our family home a few years ago to discuss and advise us in terms of financial insurance. He was very knowledgeable, really easy to talk to. Sometimes discussing financial things can be quite tricky to understand, but I felt at complete ease with Dave. I would highly recommend speaking to him if you need insurance or even need a mortgage as he covers both areas. Thanks for all your support Dave. It's always good to have someone who has your back!
Richard Craven
Richard Craven
19:12 03 May 19
Stuart was excellent, helped me obtain a mortgage quickly and painlessly with minimal effort and was always ready to promptly answer any questions I had.
Andrew South
Andrew South
17:50 26 Mar 19
Stuart was very profession and friendly, He was there to help when something went wrong.Highly recommend!!
Ian L
Ian L
13:45 03 Jan 19
When we started looking for a house, we contacted Stuart based on a work colleague's recommendation. Having not bought a house in the UK before, we had a lot of questions.Stuart guided us through the process and was always available to answers questions and provide advice that was easy to understand.We had a protracted period between initial contact and purchase, in this time Stuart was patient, professional and provided us with a high level of confidence that we were in capable hands.A huge thank you to Stuart and the staff at Oakwood, we would not hesitate to recommend them.Ian and Yoosun
Claire Vince
Claire Vince
22:13 21 Dec 18
Great service. Paul talked us through everything really clearly and made the whole process very smooth and straightforward. We have recommended Oakwood to friends as a result.
Christopher Relph
Christopher Relph
23:27 29 Aug 18
The team is very friendly, professional and knowledgeable on their given subject. My situation was rather unusual and my options were very limited, if i had tried on my own i wouldn't have found the best deal for me. The information provided to me was well presented and insightful, if anything was unclear they made sure that i understood things fully. In the end they found the best deal out there that ticked all the boxes i needed and went above and beyond. To make sure i wasn't put into a position i couldn't afford to be in Stuart would go to an agent and tell them when things weren't possible, even when they were insistent on getting a deal, Stuart had my back in it!I can't recommend them enough, and will be returning to them down the line myself!
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Sam Eccles
15:35 24 Jul 18
Top notch service. Friendly, prompt and accessible no matter where you are based (I'm in the Highlands). Much better service than that experienced by local face-to-face advisers with a large portfolio of companies that ensure you can get the mortgage to suit your needs. Have happily referred to others in less than usual circumstances, all of whom have come away delighted
Michelle Ames
Michelle Ames
18:20 07 Jul 18
Highly recommend. We were first time buyers and Stuart made the process simple and efficient. We found our property and made an offer on the spot, but the agents needed to speak to Stuart before stopping further viewings, so he dropped everything whilst at a conference and the rest is history. Buying a house is an emotional time, so having the mortgage element handled by a professional, yet down to earth person like Stuart was invaluable to us. Thanks Stuart.
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