Laura Conduit recently stepped up to run the 100-strong property department at 325-year-old law firm Farrer & Co. In conversation with PrimeResi, she discusses the keys to keeping a high-end transaction on track and building a loyal client base – and reveals what’s really happening at the sharp end of the prime property market…

What is your best advice for building a loyal client base?

Our firm has existed for nearly 325 years. That is entirely down to the loyalty of our clients and brilliance of our lawyers. From my perspective as a property lawyer (running the property department which comprises 100+ people, looking after residential, commercial and rural property teams), it boils down to being accessible, communicative and commercial. It’s about being a normal human being and not a stuffy lawyer.

I watch my colleagues across the entire department day in, day out working so hard to support their clients’ goals and needs, with one recent example being an exchange of contracts in the early evening on New Year’s Eve, when the associate should have been no doubt at a party and another exchange by one of my residential property partners on Christmas Day! We are dedicated to our clients and that is reciprocated.

You specialise in the luxury resi market, advising on sales and purchases within the UK; do PCL and country transactions require different approaches, and what are some of the most memorable deals you have worked on to date?

My practice is pretty broad and very much split between prime and super prime central London transactions and country house work. The latter obviously boomed during the Covid years, and I spent more time buying and selling country houses than London for that period. One of those deals was a purchaser from LA who bought unseen in the Cotswolds in a 48-hour exchange. One of my favourite London transactions was purely because of the speed – with an exchange of contracts taking place five hours from instruction (including a full survey report and a full report on title – no mean feat)!

Ultimately…it’s all about the people involved

The approach to country house work can be quite different to London. There is often more ‘life’ attached to a country house, whereas in London chains are rarer and buyers or sellers often vacate, which simplifies the transaction. Country house work also involves different complexities whether that is access issues, unregistered land, planning conditions, restrictive covenants or complex SDLT analysis. Ultimately though it’s all about the people involved and I enjoy the challenge of managing different personalities on both types of transactions.

Competition for best-in-class properties is often fierce, no matter what is happening in the wider market; what is your best tip for buyers who want to get ahead of the pack?

I thrive in a market where competition is fierce and I am hopeful that we will return to some of that energy and speed during 2025!

A buyer is of course in a much more competitive position if they have a really good team of advisors around them, in particular a buying agent (whose relationship with the selling agent will be critical) but also a lawyer who has cleared KYC/AML onboarding, a surveyor who can attend in short order and report in a timely and pragmatic fashion, plus – if finance is needed – a good mortgage broker or direct access to a bank who can perform swiftly.

We often assist in putting together that wider team on transactions, to give buyers the edge.

What is the main reason why high-end transactions fall through, and how can buyers, sellers and advisors prevent this from happening?

The reason that agents can be so keen to get a transaction exchanged ahead of a weekend is not so that they can get stuck into their Friday night beers, but rather because they know all too well that time kills deals! Where buyers and sellers are given additional time to think about a transaction, there is always a possibility that doubt creeps in and they may decide that they are overpaying or underselling.

In a competitive market, parties are much more likely to take a view on any issues identified. In a quieter market it is critical that sellers are able to present properties in perfect condition, whether that is from a survey perspective or a comprehensive legal due diligence pack. We ask sellers to instruct us ahead of finding a buyer so that we can prepare the best possible information pack to ensure a smooth transaction. 

Transactions can fall through because of these issues, but most problems do have a solution, so really it is a lack of willingness from one party to find that solution that causes a transaction to fall through. Particularly in super prime deals it can also come down to the personalities of the parties and it is often the case that egos get in the way, then it really is down to the advisor to keep things on track.

There have been some significant policy changes in recent years, notably relating to transparency and AML; how has this impacted the process of buying and selling from your point of view?

The policy changes in relation to estate agents being caught by AML regulations and in relation to the beneficial ownership register have been positive but do add to the workload all round. Each agency seems to take a slightly different approach to their compliance obligations and arguably life would be easier for everyone if this could be more standardised.

We work collaboratively with agents to ensure that they have what they need but often the requests come rather later in the day than we might expect! Most clients are now very understanding of these hurdles which helps. With overseas buyers there can be an amount of advice and explanation needed in order to persuade clients of the need to embrace the need for transparency.

International buyers play a major role in the PCL market; have there been any significant shifts in your client base over recent years?

Different nationalities of international buyers tend to come in waves. A few years ago, I had lots of Chinese clients and was constantly having reports translated into Mandarin or Cantonese and was a regular user of WeChat rather than WhatsApp. 

One of my partners is convinced that the Turkish Euro is headed this way

Obviously in the last couple of years there has been less activity in the Russian market. European clients have always been there as well and that seems to be continuing. My own client base has always been very international and very diverse, I have a particular penchant for clients from the USA and as a firm we also focus on the Middle East, Hong Kong, and Singapore. One of my partners is convinced that the Turkish Euro is headed this way, so watch this space!

The process of buying and selling in the UK is often criticised for being slow and unwieldy; how could policymakers significantly improve the way things work?

The process does not need to be slow and unwieldy when in the right hands, however it can be really challenging when there is a chain involved. My international clients are often baffled by our process and particularly by the concept of gazumping! While it is not really the market for that right now, it is still occasionally happening. Over the years various attempts to streamline have been made from digitalising the Land Registry through to the redundant, failed HIP packs and the more recent attempted “upgrade” to the new 32-page property information form.

In order to make real significant change, the system would require a complete overhaul, which I just cannot see happening. Therefore, what we can do as advisors is ensure that clients are informed, communicate well and navigate the process as smoothly and clearly as possible.

Buying and selling is also an emotive process; can you divulge some of the most extraordinary requests you’ve received or handled?

While sometimes we are dealing with investment property, often we are dealing with people’s homes and their most valuable assets – an important combination. It is always entertaining when a client asks if they can ‘try before they buy’ and spend a night in the property pre-exchange. For reasons you can imagine it is not a request that I have yet seen fulfilled. On leasehold properties a recurring issue is the family dog and whether or not the dog will pass referencing and be deemed suitable for the building (or whether the Lease prohibits pets entirely, which it is better to find out sooner rather than later in the process!).

I have also seen buyers price chipping significantly at the eleventh hour without any justification and then seeming surprised when the very wealthy seller simply refuses to sell to them even at the original or indeed a higher price. Some sellers really can afford to choose who they do business with, even when it relates to a personal asset!

What are the biggest policy changes on the horizon that are likely to impact the UK resi market?

There is plenty to choose from here! Hopefully we will see a gradual reduction in interest rates to help boost buyer demand. We may see an uptick in demand for prime central London rental properties too if non-UK residents prove reluctant to commit to buying UK property as a result of the new tax regime in force from 6 April 2025.

The Renters’ Rights Bill and changes to EPCs and energy efficiency targets are expected to come forward this year which will also impact the rental market. Finally, it is hard to ignore the ongoing leasehold reform and the government’s recently confirmed commitment to move towards commonhold (as opposed to leasehold) being the default tenure for flat ownership.

How would you summarise conditions in the prime resi market right now, and do you have any predictions for 2025 and beyond?

It’s tough out there. Our team has performed really well in what has been a noticeably quieter market. We are also specialist secured lending lawyers and act for many of the private banks who require separate representation on mortgages for transactions of this nature. That market is rather discretionary in that clients who do not need the mortgage finance do not take in when interest rates are high, and therefore there has been a steep reduction in our secured lending workstream.

It can be hard to cut through the noise when agents are notoriously good at self-promotion and researchers are paid by corporates in an industry that thrives on positivity! My crystal ball would predict a continued flow of US buyers coming to London, a reduction in interest rates easing deal flow (though perhaps not in the immediate future) and a continuation of collaboration between agents who now have a greater understanding that long term relationships are key, and that collaboration is more fun than competition!

Where do you see Farrer & Co’s property department in five years’ time?

Hopefully thriving! Our rural practice is hugely well regarded and well established and we look after some of the biggest landed estates in the country. I am hopeful that those key important relationships continue and grow and that we are able to work on more existing placemaking projects across the rural and commercial property teams. We are early adopters of AI, particularly in the commercial property team and I am excited to see where that technology will take us in terms of efficiency and cost savings to clients.

Our development practice is thriving, and I suspect that you will see our name associated with some significant development projects, many of which require a firm like ours, that enjoys those really long-term relationships with clients as some projects can span a decade from start to finish.

And finally I am hopeful that the residential team will continue to be a Tier 1/Band 1 well regarded practice, having the opportunity to work on some of the highest value, most exciting transactions out there.

What’s your latest cultural recommendation?

For Christmas I was given a copy of Thomas Erikson’s Surrounded by Psychopaths which is the sequel to Surrounded by Idiots, and I am looking forward to getting stuck into that.  The last film I saw was the Lion King sequel Mufasa with my 6-year-old son, so I suspect I need PrimeResi readers to give me recommendations rather than the other way round!

What is the best advice you have ever received yourself?

‘You get more with honey than with vinegar!’

I am about to go to Harvard for a week’s course on leadership in professional services firms, so I may have something more profound to share on my return from that!

Contact Book

• Laura Conduit
• Head of Property
• Farrer & Co
• L. linkedin.com