Bought Offplan in UK
Hello,
I don't know what to do. I did mistake to reserve an off-plan project in UK, through a broker in October 2014. The development had to finish on March 2016, but actually it did not start because of some technical issue on the plan. The value was around 110,000 pounds and I paid 30,000; the remaining part should have been paid through a mortgage at the moment of delivery.
Now, as compensation the developer is offering another project that will be ready in 6 months with a value of 220,000 pounds. I checked the mortgage, but maximum that bank can borrow me for oversea is 70% and I have no intention to increase my exposition with this developer adding more money into the deal (considering that the cash flow after purchase would be not more than 200 pounds per month)
In this cases is it possible to ask for refund (in the contract this possibility is not there)