I’m afraid not Jon, you’ve lost all your money.
I did warn people about this. I insisted ad nauseam for clients to demand their lawyers to fax them over a copy of said bank guarantees without excuses if they were buying off-plan. Mark my words, this is only the beginning of a real estate recession, we’ll see many more cases like yours.
Perhaps Jon you could litigate against the lawfirm and try to seek the professional indemnity insurance that we lawyers have for professional negligence. The developer is probably broke.
In any case litigation will be involved which can drag on for years and is expensive. The department in my law firm in which I work doesn’t specialise in litigation.