Jurisdiction(s):
United Kingdom

Key definition

Building society definition

What does Building society mean? A member‑owned (mutual) financial institution that takes members’ savings and provides residential mortgage lending. In England & Wales and Scotland, the term has a statutory meaning under the Building Societies Act 1986 (as amended), which sets the mutual structure, principal purpose of making loans secured on residential property, and funding/lending limits (including that funding is predominantly from members’ shares and deposits). The Act also provides for supervision, governance by a board accountable to members, and statutory mechanisms for transfer of engagements or conversion/demutualisation to a company. In the UK, building societies are authorised and regulated for prudential and conduct purposes by...

Client guide to Lasting Powers of Attorney: property and financial affairs and health and welfare; benefits, making, OPG registration, and deputyship comparison (England and Wales)

Published by a LexisNexis Private Client expert

Precedents

This document offers general guidance on lasting powers of attorney (LPAs), setting out what they involve, the advantages of making one, and the steps for creating and registering an LPA. Your Private Client lawyer can give tailored advice reflecting your particular situation.

What is an LPA?

An LPA is a formal legal instrument allowing you to nominate one or more trusted individuals (known as attorneys or donees) to handle your affairs and take decisions on your behalf if you later lose mental capacity.

There are two types of LPA:

LPA for property and financial affairs decisions This LPA permits you to appoint one or more attorney(s) to take decisions concerning your property and finances, including operating bank and Building society accounts, buying and selling your home and other assets, dealing with your tax matters, claiming and receiving benefits and pension payments, and settling household, care and other bills.

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Web page updated on 22/05/2026

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