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Hi, welcome to Just Answer. I will help you with your question.
The issue here is whether the bank was entitled to withdraw its assistance in relation to the funding.
If it required planning consent to be obtained within 3 months, but was not, then it was likely to be able to withdraw funding due to the failure.
However, if under any doubt as to whether the contract permits this, I would recommend you consider referring the matter to the Financial Ombudsman Service, who will consider the contract for you and advise whether the bank was entitled to do as it did. If not, it can order it to honour the agreement and/ot pay to you compensation accordingly for breach and for any poor customer service.
The ombudsman website and contact details are here: http://www.financial-ombudsman.org.uk
Max - Your answer is disappointing and frankly a bit obvious. I don't think that being given the web address of the banking ombudsman is what I was looking for. My question really relates to whether is is legal to sell a mortgage on the basis of the promise of extra funding and then remove it. I would not have entered into the mortgage contract without the security of the development funding. There is no doubt that in the terms of the contract for the development monies they could revoke the offer if planning were not gained in a timely fashion. I don't think that is the point. Would appreciate you scratch your head a little bit harder for my £47 please. Have a good weekend.
Well it depends on the answer you can get. I don't need a lawyer to give me the contact details of the ombudsman but I appreciate that some people might think that was a great response. I am interested in the detail of whether I could claim that the mortgage was miss-sold. I think it was obviously.
I would be pleased if you could get someone else to give me a more detailed answer than Max.
I have got advice from elsewhere now. Please can you refund the money. I would consider using this service for personal issues again but it appears to me that it isn't set up for corporate legal questions so am unlikely to use it for business.