Liverpool Victoria (LV=) SIPP (CAS-50479-K7G0)

Ombudsman’s Determination

Outcome

I do not uphold Mr R’s complaint and no action is required by LV=.

Complaint summary

Mr R has complained that:-

LV= indicated at the outset that the process of purchasing a property for his SIPP would take between six and eight weeks. However, the actual process took nine and a half months. Mr R believes LV= and its panel solicitor are responsible for this delay. 

Delays in the conveyancing process led to an increase in legal costs of between £3,566.40 and £4,053.24. The principal delays were caused by:-

The need for replacement documentation due to the fact that Eversheds, LV=’s panel solicitor,  solicitor did not discover until well into the process that the property was a leasehold rather than a freehold, despite having been informed of its status at the outset;

The late arrival of the full title and contract pack, which was not received until 22 August 2019.

Further, his SIPP was disadvantaged by not receiving rental income for a significant period of time due to these delays, amounting to some £4,000. 

He also suffered considerable stress due to the delays and Eversheds’ handling of the matter. This included time spent correcting both LV= and Eversheds, as well as collating more than 300 emails, checking, and responding to LV=’s “own questions from their own emails”. 

Further, LV failed to follow their own and standard financial services complaints procedure, in particular timescales, from the point that his complaint was raised.