Get UK Law Questions Answered by Verified Experts
Thanks for your question.
If what you say is correct then in the absence of anything contractual provision to the contrary this means that they have the option of pursuing either or both you or the developer for the monies owing as a result of taking possession and selling the property. I'm afraid that having a guarantor does not mean that they stand in your place to exclude you from liability, it just means that the lender may sue them as well.
They will probably pursue both you and the developer for the monies owing I'm afraid.
Sorry it could not be better news.
If this is useful please kindly click accept so that I may be rewarded for my time. You will be free to ask follow up questions.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).