Community right to bid
Under the Localism Act 2011, voluntary and community organisations can nominate an asset to be included on a list of ‘assets of community value’. This list is managed by the council.
If the owner of a listed asset wants to sell the asset, a six month moratorium period will be triggered during which the asset cannot be sold.
This period gives community groups some time to develop a proposal and raise the required capital to bid for the asset when it comes onto the open market at the end of the moratorium period.
What is an asset of community value?
The regulations state that, with the exception of residential properties, any building or land may be listed if, in the opinion of the local planning authority, the primary current use of the property 'furthers the social well-being or social interests of the community'.
Who can nominate?
Assets can be nominated by a community organisation. The term ‘community organisation’ refers to the following:
A Parish Council
A Neighbourhood Forum (as defined in Neighbourhood Planning Regulations)
A non-profit company by limited guarantee
A non-profit industrial and provident society
A community interest group
How to nominate an asset
Anyone proposing to buy or sell a property which might be described as an "asset of community value" should be aware of the Assets of Community Value (England) Regulations 2012. The regulations provide that on a sale of a listed asset, the local community must be given an opportunity to bid for and take ownership of the property so that qualifying buildings and land can continue to serve their valuable community function
Your nomination must include:
A description of the land/building being nominated and proposed boundaries
Details of the current occupants and anyone holding a freehold or leasehold estate in the land
Reasons why the building/land is of community value
Evidence that the nominator is eligible under the Act
The council’s procedure for processing nominations and the Community Right to Bid process can be found here in ‘Documents for download’.
For further information on nominating - contact us
Tel: 020 8583 2000