small lot subdivision

[Farnaz Mehran]

Hello Members,

I am going to buy a house in the zone where it is allowed for a small lot subdivision. To buy a house I am going to put 20% cash and the rest I am going to get a mortgage. As small lot subdivision permit takes a year; my plan is to start the construction in 2017. Since I am a title owner and the loan is only the lien on the house; I would like to know whether I should inform the bank for the future plan or not ?and do I need their permission to start the subdivision?

Thank you for your help