Boy do I have problems...

[Lovelace]

I am 3 and a half months into a part exchange deal with Persimmon, they originally offered £125K for my exsisting home in part exchange but when the Building Society valuer valued the Persimmon new build at 5K less than we were paying for it, we agreed that Persimmon would cover £4k of the shortfall by agreeing to increase the offer on our exsisting home to £129K and that we would find the extra £1k.

Persimmon have bee reluctant to exchange contracts throughout the process despite our insistance that we do so - apparently because of 'funding slots' -ours is September.

One month before anticipated completion, Persimmon instructed our solicitor to tell us that they are now putting the offer for our exsisting home back down to £125K leaving a £4k shortfall again, the Building Society will only give 80% of what they valued the house at so no chance of borrowing anymore capital and 4 weeks to raise £4k!!!

We are already putting £42K down as a deposit and have no chance of raising another 4 grand at the eleventh hour. If we walk away we lose £3K as we have already paid some legal fees, surveys and put a deposit down on our finishing touches.

The new house is finished with all our choices and standing empty, our solicitor tells us this is all perfectly legal but we can't help feeling 'gazumped' in some way. It might be legal but we feel it is morally and ethically wrong.

Has anyone else had any similar experiences? If so please let me know how it was dealt with and what the outcome was - am desperate!!