Getting consent from bank to subdivide

We have sent off the consent forms for CBA to approve a subdivision of our investment property that they hold an interest in.

They are requesting :

"Please be advised in order to process the request, we will require a copy of the Documents being registered at the Land Titles Office.

This will include the below;

. Plan of Subdivision Document (This has the PS number noted)
. A copy of the Plan that has been signed by the Council
. SA22 page

Once supporting documentation is received, we will be able to proceed with the request and submit the application to our credit variations team for assessment."

I have spoken with my planner who has told me these won't be available until the subdivision has been completed.

I have emailed CBA stating this only for me to receive another email stating when the requested documents are received, they can proceed with the request.

Has anyone else had dealings with CBA and been less frustrated?

I did ring the 1300 number this afternoon and emails have a 5 day turnaround .

Wizzbef

 

If you can't supply executed copies they may accept draft versions. I have never had any problems getting CBA to approve a subdivision before. Did a broker do the loan for you? If so, go back to them and they can project manage it for you.

 

I recently went through a subdivision with nab, my surveyor was able to provide the subdivision plan and docs. I then signed as the owner, submitted into Council who approved, then submitted to nab who eventually approved (after doing new valuation and credit assessment) and then off to land titles office.

 

There's your answer !

once your Surveyor has completed the subdivision plan and all the field work, he will deliver the plan to you.
then if your development has met all of the conditions set by council's DA, you can lodge the documents with them for signatures.
once approved they will release the signed plans that you can then take to your bank..
when all this is done either you, your project manager, or your surveyor can lodge at land titles for registration.

it sounds like you have some time to go yet.

i have never heard of a bank signing incomplete documents or draft survey plans ???
they will only sign the original documents not drafts.
only the original documents, fully signed and witnessed will be accepted at Dept of Lands.
if any signatures are absent the plans will be rejected.

 

Also make sure the plan is not folded or creased in any way.

 

Ahhh, thanks for your answers. We're new to the sub-division side of things.
The plans have been submitted to council. So I guess the long wait begins
Sounds like I rushed into the bank too early.
I'll just sit tight now and pray there are no hiccups along the way.
Wizz

 

Unless you need to adjust financing, the bank won't be aware of the subdivision until you go for titles.

 

The bank holds a mortgage over the land. So they need to consent to a change in title as they are using the land as security. This will only be needed at the point when titles will change. Banks main concern is that they will have adequate security for the money they have lent you.

 

anyone with an interest in the property must sign the Subdivision Administration (signature) Sheets that accompany the Survey plan.
That being all of the owners, mortgagee/s, or statutory authorities, as the case may be.