Hi
Thanks for your reply. I have discussed this with citizens advice and they have taken details of the builder and reported them to trading standards who will take appropriate action. The builders claim that as the draft contract was sent over by email and I had time to think it over before deciding there is no cooling off period in this case.
When sending the draft contract they do not cover any details relating to cancellation rights or any of the details required in the legislation above as they are claiming it should be treated as 'on premises' and therefore my consumer rights do not exist.
I prefer not to give their name on a public forum at the moment but they are certainly not making my life easy at the moment. They are threatening to sue me for breach of contract if i do not pay up in 14 days.