An update on the situation - my solicitor has checked the contract and said it is fine for us to rescind and get our money back. However, they then said "the seller has not yet made a decision if they will accept your recission" and that we will need to wait until early next year to find out. I'm confused by this. If they make the offer then doesn't it imply that they have accepted it? I don't get why they get two opportunities to make a decision.
If you are within your rights to rescind then it won't matter whether the seller agrees or not.
If they make an offer and you accept it then you could have a contract in force.But this may depend on a few things.