News
MSB Solicitors Liverpool
Head of our residential property team and partner at MSB, Tracey Quirk, is seeing an increase in instruction from high net worth individuals buying new homes across Merseyside.
 
Tracey has established a reputation as a go to solicitor for wealthy and well-heeled clients, including prominent city professionals, footballers and celebrities.
 
She is currently assisting a professional football player with the purchase of a new home worth £2.8m; and has overseen another recent transaction for a married couple, both lawyers, which involved the purchase of a £750,000 house in an exclusive area of Merseyside.



Other recent transactions include the purchase of a £1m property in Fulwood Park and a £1.4m property in Alderley Edge.
 
Tracey says helping wealthy clients with high value property purchases has its own particular challenges.
 
She said: “These clients may have a lot of money, but it is still a big investment so it is important to get things right.
 
“Buying a home is a huge decision - and an emotional one - and that applies across the economic spectrum. But wealthier clients often have higher expectations, so we have to be absolutely on the ball.
 
“That is why I deal with those clients directly throughout the process, drawing on the resources and experiences of the wider team. I have found it helps to impart a sense of trust and confidence from the get go.”
 
She adds that acting for a wealthy client can be an advantage if that client is experienced in business or has previously purchased high value assets. She explained: “A business person who is used to making deals will not be overawed by the process of buying an expensive home.
 
“They know that when it comes to negotiating a price, and focusing on getting the details right, then it is the head that takes precedence over the heart.”
 
Tracey advises clients not to take short-cuts on essential parts of the process, such as searches and surveys. From the point of view of MSB the client will usually expected to be kept fully informed at every stage.
 
“If the property is being purchased outright and not via a mortgage then it is especially important to make sure the valuation is spot on,” she added.
 
“We will also check whether there are any onerous covenants on the property as people paying a large amount of money for a home are more likely to want to spend even more on changes or renovations. There may be restrictions on period or Listed properties, for example.
 
“It is also crucial the client does not fall foul of money-laundering regulations. The funding needs to be in place and they need to able show where those funds have come from.”

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