- 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.
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