Search site

What happens when the owner of a Nominated Asset of Community Value wants to sell the asset?

The owner of a listed Asset of Community Value is required to notify the Council in writing when they wish to dispose of it. 

  • The Council will notify the group which originally nominated the asset for inclusion on the list.
  • The Council will also be required to publicise to the wider community that it has received notice of the intended disposal of a listed asset.
  • A community interest group; either the Parish Council/ meeting or one of the groups listed in categories A-G in the list given at point 2 above and having a local connection to the land must advice the council in writing that they intend to make a bid for the asset.
  • This must be done within 6 weeks from the notification to the community of the owner's intention to sell.
  • If such a request is received the owner must comply with a 6 month moratorium period to give the community interest group the time to submit a bid. The owner cannot dispose of the land other than to the community interest group that has expressed an interest during this 6 month moratorium period.
  • At the end of the 6 month moratorium period the owner is able to dispose of the asset as they choose with no obligation to sell to the community interest group.
  • Following the 6 month moratorium period the owner is then protected for an 18 month period (from the date of their notification to dispose) against any additional notifications from a community interest group to make a bid for the asset.

Exemptions

Some disposals are exempt and can take place unimpeded by the community right to bid. Some examples are:

  • disposals as a result of a court or tribunal order
  • settlement of a separation agreement
  • a gift of the asset
  • transfer between family members
  • transfer due to inheritance
  • a disposal with other land
  • a person joining or leaving a partnership
  • under the terms of a trust