With the introduction of the Community Right to Bid regulations, communities now have the opportunity to ‘stop the clock’ on the sale of valued community assets such as a local pub or shop, for up to six months. This window of opportunity will give communities the time they need to create a business plan and gather the necessary finances to bid for the asset.
Under the legislation, local community groups can nominate properties to be listed as ‘assets of community value’. On receiving the nomination from an eligible group, we will then determine the nomination against our policy.
A property which is successfully accepted as an ‘asset of community value’ will, if being sold with a potential change of use, be subject to a six-week interim moratorium period where only an eligible community interest group can buy the asset. If a community interest group ‘expresses interest’ in buying the asset during this time, a six-month full moratorium period is activated, within which only an eligible community interest group can buy the asset. This will give the community the time they need to put a business plan together and gather the necessary finances to bid.
The owner of the asset does not have to accept an offer from a community interest group, and after the full moratorium period has finished, can sell the asset on the open market to whoever they wish and at whatever price they wish.
For more information on the Community Right to Bid process, please see the Department for Community and Local Government’s non-statutory guidance document at the bottom of the page.
Our local guidance on the Community Right to Bid, the application form which will need to be filled out in order to register an asset of community value together with the registers of assets of community value and unsuccessful nominations are below and will be kept updated as and when new assets are added or applications are rejected. A record is also kept of previous Assets of Community Value which have now been de-listed 5 years after their date of entry in line with the Localism Act.