Abstract We present the first detailed study of the bipolar planetary nebula (PN) IPHASX J191104.8+060845 (PN G 040.6−01.5) discovered as part of the Isaac Newton Telescope Photometric Hα Survey of the Northern Galactic plane (IPHAS). We present Nordic Optical Telescope (NOT) narrow-band images to unveil its true morphology. This PN consists of a main cavity with two newly uncovered extended low-surface brightness lobes located towards the NW and SE directions. Using near-IR WISE images we unveiled the presence of a barrel like structure, which surrounds the main cavity, which would explain the dark lane towards the equatorial regions. We also use Gran Telescopio de Canarias (GTC) spectra to study the physical properties of this PN. We emphasise the potential of old PNe detected in IPHAS to study the final stages of the evolution of the circumstellar medium around solar-like stars.