Subdivision –Perth - Consent Letter

Thanks for the thread from this forum, I have been benefit a lot.

I demolished the existing house then subdivided 1 lot into 2. Everything was going well and soon after I get the conditions cleared and also survey strata plan approved by WAPC, I even get one land under offer, but when I am going to apply for the new title, I get stuck with bank. Prior to apply the new title with the Landgate, I need the bank consent as I have a mortgage with them. But It has been 6 weeks since I applied for the consent letter from the bank at end of August, I have not get the consent letter yet??? Everything is pending for that letter now.

I have chased up the bank every few days also rang the Melbourne office but only got little progress. Had learnt that from the settlement agent saying that normally it takes about 3 -4 weeks to get the consent letter. So I am thinking I might do some wrong?

1, Generally when should I inform that the banks that my subdivision? After the conditional approval and before the demolition? Or like what I am doing, asking for the consent letter when the survey strata plan get approved by WAPC?

2, Has anyone used the lots synchronization method to apply for the new title. By which, it requires all the relevant document need to submit with 10 working days. But it seems impossible to get the consent letter from the bank.

3, Which bank can be easier to deal with about the consent letter? I am currently with NAB. More than 6 weeks for the consent letter is really frustrated.

Really appreciated if any idea.

 

The fact you're with NAB explains a lot in terms of time frame.

Generally you wouldn't demolish their security before getting consent to subdivide.

 

@Jess Peletier Thanks for your reply!
Do you know which bank can be more efficient than NAB for the consent letter?
Will definitely get bank consent prior to subdivision if next time.

 

I think this is generally a specific term within the mortgage.

You may also find that NAB will retain the sale proceeds to apply against the loan. Usually better to have the discussion with the bank prior to doing this kind of thing.

 

Haha - pretty much every bank in the world

 

Thanks Jess.
The consent letter finally came through. It took 7 weeks to get that.

 

Great news!

 

Awesome! (Phew!)