Selling part of an IP block

I've got an IP in Brisbane and have been discussing with the next door owners about selling part of the block to them.

The block is square with a small triangle of land extending off the top left of the square. This triangle is the piece we are talking about selling.

I'm wondering what the process is to get this done and what costs are involved? I'm also curious as to how the bank would deal with this in regards to the current mortgage?

Can anyone who has done this themselves share their experience?

EC
 
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