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Assets of community value
An asset of community value is a legal right under the Localism Act 2011. It gives communities the opportunity to control the assets and facilities that matter to them.
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Sale/transfer of an asset
Nothing happens once an asset is listed, unless and until the owner wants to dispose of it. Once it is on the list, the owner is free to do what they want with the asset whilst it is in their ownership. If an application for change of use is submitted, it will be the Council (as the local planning authority) who will decide whether listing as an asset of community value is a material consideration.
If an asset that the Council has listed is put up for sale, the owner/seller must inform the Council and the 6 month delay period will be triggered. The community will have an initial 6 weeks to inform the Council if they are to bid for the asset. During the 6 month period the asset cannot be sold. There are exceptions for when the 6 month period and the Community Right to Bid will not take effect, for example:
- if the disposal is a gift
- if the disposal is made between members of the same family
- if the land or building being disposed of is part of a bigger estate
- if the disposal is of a building or piece of land on which going-concern business is operating, provided that the sale is to a new owner to continue the same business (for example if an owner of a pub wants to sell the pub to a new owner who intends to continue running it as a pub).