There is not much you can do unless the option contains clause allowing you to terminate or if you can establish duress, misrepresentation or fraud.
It is standard practice for a developer to pay the seller's legal costs but this in itself would not be a sufficient reason to have the contract rendered invalid. The court would take the view that you could have sought legal advice.
How long before the option expires? Has the developer applied for planning?
It may be worth seeing a local solicitor (specialist property solicitor) with the option agreements to get a proper opinion. It is difficult to advise without sight of all of the option agreements. Do ring round, some firms offer a free or reduced fee initial consultation.
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