They are DoT items which means it goes over a period of seconds and not immediately.
With that said, I think Liandry's is massively underpowered for its price of 3200 gold. It gives 80 AP, 300 health, and 15 magic pen with the current health % for 3 seconds. In contrast, Luden's Echo for around the same goes 100 AP and Rylai's before the nerf was 400 health 100 AP and 40% slow.
Liandry's and Haunting Guise have the exact same magic pen amount. The only reason to upgrade is for the DoT which is rather minimal to be honest. I'd be happier if they upped damage to 100, health to 400, and magic pen to 30. But, probably won't happen. 2-3% of max health over three seconds is pretty damned low - on 1,000 health, 9% is 90. Current % health favors high health champs, max favors low health champs in damage - unfortunately, getting some champions low enough to cut healing is difficult when every item is nerfed as well as your ults into the ground patch after patch...
