When an Asset of Community Value comes up for sale the owner notifies the relevant council and the council notifies:
- the community group that made the original nomination
We will publicise that an Asset of Community Value is coming up for sale on our website. A community group that is making a bid needs to be formally constituted. To find out the types of groups that can bid visit My Community.
When making a bid:
make sure that your group is eligible to make a bid
inform us in writing of your intention to bid within 6 weeks of the notification. The owner of an Asset of Community Value can not sell the property or land during this period, referred to as an interim moratorium
you have six months from the date that the owner announced an intention to sell to prepare the bid
Tell me more about the Community Right to Bid
The Community Right to Bid gives community groups the time to come up with a bid for an asset. The purpose of the six month period is to enable groups to raise funds.
A community group can make an offer for an asset that they nominated, but this does not give them first right of refusal for a site. The owner has the option to either accept the bid from the community group or to sell the property to another bidder.
Exempt disposals of Assets of Community Value
Certain types of disposals are exempt from the Community Right to Bid regulations. Exempt examples include:
disposal in the form of a gift
disposal containing a business which uses the property and is a going concern
disposal within a family or between trustees or companies in a group
disposal in the execution of a will or arising from various legal proceedings
To find out more about the types of disposals that are exempt visit Assets of Community Value Regulations 2012.