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Bank Consent Subdivision

Discussion in 'Development' started by Blackmores, 28th Feb, 2016.

  1. Blackmores

    Blackmores Member

    Joined:
    29th Sep, 2015
    Posts:
    24
    Location:
    Melbourne
    Hi guys,

    We have a 3 unit townhouse development in Melbourne East that recently received a NOD from the council. I am also going to start on the Plan of Subdivision next. There is a 40% LVR on the property that is to be subdivided and torn down. My question is when do we need to notify the bank our intentions? Do I do it now? Hope I am right but they should be happy for me to ahead hopefully? Since the LVR is low and they have 3 properties instead of 1 potentially.

    Thanks.
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,985
    Location:
    Sydney
    When title needs to be changed. But also before that if you will be doing anything that effects their security such as demolishing a house on the land.
     
    wylie and legallyblonde like this.