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Seller Wants to Change Shipping Price After Payment

Hi guys, I just bought some stuff on 05/07/15 & I've paid a total of  GBP57.00 including shipping (GBP12.00). About 20 minutes later, the seller contacted me & told me that shipping cost is going to be GBP47.00 & he asks whether I'm okay with that. I didn't agree and told him I would like to cancel the purchase. So, the questions are, 1. would I be penalized? & 2. How long does it takes for the seller to return my money?

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