About the Asset of Community Value Listing
How can I find out which assets have been nominated for inclusion in the list of assets of community value?
The list of assets of community value will be published here as they are approved
How long will the asset remain on the list?
Assets will be on the list for a period of five years. An application will be made to HM Land Registry for a restriction to be placed on the registered title of the land.
What effect does the listing have?
Where an asset is included in the list of assets of community value, the owner is required to notify the Council in writing of their intention to dispose of the asset.
The Regulations detail circumstances where a disposal is exempt - for example where the disposal is as a result of a court order, a separation agreement made between spouses or civil partners, upon inheritance and as a result of insolvency proceedings. The Regulations should be consulted for the full list of exemptions and detailed definitions.
A notification of the intention to dispose of the asset will trigger a moratorium period (a period of delay) during which the asset owner may not dispose of the asset (other than where the disposal is exempt under the Regulations). This interim moratorium is for a period of six weeks from the date upon which we receive written notification of the owner's intention to dispose of the asset.
During this six week period, suitably constituted community groups and organisations which can demonstrate a local connection may submit an intention to bid. Where this received, the full six month moratorium period (starting from the date upon which we receive written notification of the owner's intention to dispose of the asset) is triggered during which no disposal may take place except to a qualifying community group by negotiation.
This six month period is intended to provide additional time to community groups and organisations to prepare and submit a bid to the owner to purchase the asset. Any subsequent sale takes place under normal market conditions. There is no obligation for the group to make a bid and the group has no rights of purchase over other potential buyers. The owner is under no obligation to sell the asset to the community group or any other person. If the owner decides to sell to a community group, they may do so within the six month moratorium period.
If after the six month moratorium period a community group has not successfully bought the property, a further 12 month protection period is triggered (in total an eighteen month period commencing on the day upon we received written notification of the owner's intention to dispose of the asset). During this protection period the asset may be sold by the owner on the open market without the risk of any further moratorium period being triggered.
If any land included in the Assets of Community Value List which is unknown registered at HM Land Registry becomes registered for the first time, the owner must notify the Council as soon as practicable and complete the Land Registry's Form QQ to enter a restriction on their land register.