Assets of community value
The community’s right to bid on assets of community value is an initiative from the Localism Act 2011 and is now in force.
Local community groups can nominate a building or piece of land which use furthers the cultural, social or leisure interests of the local community. If the nomination is accepted and the current owner decides to sell the asset, then community groups will be notified and can delay the sale of the asset, giving time to raise funds to buy the asset.
Any eligible voluntary and community organisation can make a nomination, and there is no fee associated. The council will consider the submission against a set of criteria, as well as consulting the owner. Once approved an asset remains on the list for five years. The owner also has the right to have the decision reviewed.
Selling assets of community value
If the owner of a listed asset of community value wishes to sell it, they need to inform the council, who will inform local community groups. Any private sale would be put on hold for an initial period of six weeks to give a community group an opportunity to consider whether they wish to bid for the asset to preserve its use for the future.
If a community group does express an interest in bidding for the asset, a six month moratorium on any sale would come into place in order to allow time for the community group to raise funds to submit a bid - see forms below. Once the moratorium period has passed, the owner is under no obligation to sell the asset to the nominating community group.
How to nominate
In order to successfully nominate, it is important your community group is eligible to submit nominations, that sufficient evidence is submitted to support your nomination and that the building or land is deemed to further the social interests of the community. Please refer to the guidance notes before completing the form.
Contact us on:
020 8753 3039