Hi. I reserved a property at the peak of the 'property boom' in July 07. The property is due to be competed in April 2009.

It was agreed at £160k and a 10% deposit paid. In the current climate it is probably worth around £120k. and this could get worse!

From memory, the contracts detailed that the sale was not subject to receipt of mortgage etc.. However, it is inevitable that when the time comes the mortgage companies will not value the property at the higher levels, and we will have to hand over additional thousands of pounds to the developer as well as additional deposit to the lender!

I realise that if I pull out of the sale I will lose my deposit. But could I be 'sued' or otherwise legally FORCED to purchase the property?

Thanks for your assistance.