This new community right (sometimes called the "community right to buy" or "community right to bid") allows defined community groups, to ask the council to list certain assets as being of "community value".
This is designed to give communities more opportunities to take control of the assets and facilities important to them. A decision will be made, by the council, within eight weeks of the receipt of a completed nomination form on whether to list the asset.
Under chapter three of the Localism Act 2011 and the Assets of Community Value (England) Regulations 2012, the council will publish:
If an asset is added to the list of assets of community value, the owner of the property will be required to delay any subsequent attempt to dispose of the asset because a moratorium process comes into force. To assist community groups taking an opportunity to acquire the property, the council will add the following details to each asset on the list as follows:
The "interim moratorium" period is a six week interim period, which will apply in all cases, from the point the owner notifies the local authority of their intention to dispose of the land. This will allow community interest groups to make a written request to be treated as a potential bidder. If none do so in this period, the owner is free to sell their asset at the end of the six weeks.
The "full moratorium" period is a full six month moratorium (again from the point the owner notifies the local authority) which is triggered if a community interest group makes a request during the interim period for a full moratorium to apply.
During either an interim or full moratorium the owner may continue to market and negotiate sales, but may not exchange contracts (or enter into a binding contract to do so later). There is one exception. The owner may sell to a community interest group during the moratorium period.
For further details concerning any asset on the lists, please email David Horsler, property and asset management.
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