Saxton, Leeds Advice needed

m4lh1

I bought a property (1bed apartment) off plan in 2008 in saxton leeds at £113,500. The development is 12months (completed April 2011 insetad of 2010) late I have already put down a 10% deposit some time ago.
I had our valuation done on the propery which came back at a very low £90,000.

This leaves me with a massive shortfall. I can only get a 85% LTV which is £76500 (on £90,000) with the £11,000 approx I have put in I was left with having to raise another £26,000 savings I would need to put in.
I am able to complete deal at £90,000 but at purcahse price of £102,00 it is not possible.

The developers have reduced the price to £102,000 this leaves me with £14,500 to make up difference . Developers are saying that I should have had 20% of purchase price any way (£113,500) which is £22,600 (£11000 of this is already paid)

I have signed a contract and willing to let my deposit go, but the developers are trying to force the sale by enforcing the contract at the full purchase price of £113,500.

My solicitor is of no help and offers no advice, I have tried to negotiate with the developers but all they can say is they do not agree the suveyors valuation.


can any one offer any advice or is anyone in the same position In saxton leeds, Its an urban splash development

Thanks