Well, you could cut your losses and wave goodbye to your deposit. Might be better than ending up facing the dreaded negative equity. But if your heart is set on ... your new home, and you don"t want to lose your deposit, don"t despair.
Developers are desperate to hang onto buyers (now isn"t that just a lovely thought - a "desperate developer"?). Get onto your solicitor and/or selling agent and go through your contract, building agreement and the selling price of properties in your area. With a bit of luck (and some good negotiating skills!) you could well be able to reduce the price of your new home.
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