purchaisng a new house after looking to remortgage current house

HI All

Just looking for some advice,

I have been going through a remortgage on my current house, and it is currently with the conveyancer getting settlement figures etc.

Well the process has taken some time and that is another story, but in the mean time we have decided to move house completely. The new house is a new build and the lender cannot offer the LTV we are looking for so, for all the mortgage we were looking for was portable, this mortgage will therefore not be suitable for us.

I am therefore asking what the consequence will be if we fail to compelte the current application?

I have looked at the fees on the offer, but cannto find any cancellation fees, but I guess at least I woudl need to pay for the legal costs to date and the survey fees etc.

Any advice woudl be greatly received.