Under the Localism Act, voluntary and community organisations can nominate an asset to be included on a list of ‘assets of community value’. This list is managed by the local authority.
If a land/property owner wants to sell a registered property, they must tell the District Council. If a group wants to buy the asset, they can trigger a 6 months moratorium.
The moratorium period gives community groups some time to develop a proposal and raise the required capital to bid for the property when it comes on to the open market at the end of the moratorium period. Community groups do not have an automatic right to buy the property or land; they must compete with other parties and the land/property owner can still sell at the market rate.
Bassetlaw’s list of assets of community value
Bassetlaw’s list of assets of community value will appear here once we have assessed the first nominations.
What counts as an ‘asset of community value’?
A building or land in any ownership (including the local authority and the Crown) may be considered an asset of community value if its current principal (non-ancillary) use or recent use has been to further the social well-being or social interests of the local community and is likely to do so in the future.
Residential property cannot be treated as an asset of community value and certain types of land e.g. land licensed/some non-licensed sites for use as a residential caravan site and operational land of statutory undertakers (transport and utilities).
Last Updated on Friday, February 16, 2024