The Localism Act 2011
The Localism Act 2011 creates opportunities for local groups to bid for buildings and land defined as community assets when the owner wishes to sell them.
Under the Localism Act, community interest groups, organisations and parish councils can nominate an asset to be included on a list of ‘assets of community value.’ This list is managed by the local authority.
If the owner of a listed asset wants to sell the asset, a 6-month moratorium period will be triggered during which the asset cannot be sold. This period gives community groups some time to develop a proposal and raise the required capital to bid for the property when it comes onto the open market at the end of the moratorium period.