Off plan property repossession?
We are due to complete on our apartment in southern Cyprus in March but due to a delay in the build and the weakening of the £ our mortgage payment will go from approx £440 to £920! We simply cannot afford this with our own mortgage and want to know whether we would be able to pull out of the contract with the developer?
We have paid them 15% with another 5% due on completion and the rest is mortgage. What rights do we have to pull out of the contract now? We accept we may lose our 15% but feel that this is the best course of action. Would the developer need to pay the bank back?
Any advice would be good!
Thanks in advance