Withdrawing from contract to buy house

D

Danish

Guest
Would like to know has anyone experience of withdrawing from legal contract to buy a house?
Signed contract to purchase house over 18 months ago for 430k.
House initially due for completion feb 07.
August 07 still not completed.
Independent valuation now at 375k
Mortgage offer expired.
New mortgage offer is less due to changed circumstances and market conditions.
Want to withdraw from contract unless builder renegotiates price to reflect current market value.
Not intentially withdrawing but feel if he had of delivered on time this would not be a problem.
Opinions on likely outcome welcome.
 
Contact your solicitor you may be entitled to withdraw without loosing deposit etc (if it was subject to mortgage approval etc). Why would you pay more than what its worth? Pull out you can always make an offer further down the line when the build is finished.
 
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