Assets of Community Value

This new Community Right (sometimes called Community Right to Buy or Community Right to Bid) allows defined community groups to ask us to list certain assets as being of community value.  This is designed to give communities more opportunities to take control of the assets and facilities important to them.

If an asset is listed and then comes up for sale, the new right could give communities who would like to take ownership of the asset a total of six months to put together a bid to buy it (including a six week cut-off for an initial proposal to be put forward).

The following organisations are eligible to nominate assets:

• properly-designated Neighbourhood Forum
• Parish Council
• Charity
• company limited by guarantee which does not distribute any surplus it makes to its members
• industrial and provident society which does not distribute any surplus it makes to its members
• community interest company
• unincorporated body whose members include at least 21 individuals and which does not distribute any surplus it makes to its members

The nominating group will also need to have a local connection with the asset, which broadly means the group must demonstrate that its activities are wholly or partly concerned with the Nuneaton and Bedworth area or with a neighbouring authority (which shares a boundary).

An asset of community value can be any land or building which does not fall in to the categories below:

1. residence together with land connected with that residence, as defined in the regulations
2. land in respect of which a site licence is required under Part 1 of the Caravan Sites and Control of Development Act 1960
3. operational land as defined in section 263 of the Town and Country Planning Act 1990(c)

The regulations are published by the government and provide more detail on how the whole  process works.

Once an asset is listed, the owner cannot then dispose of it without;

• letting the local authority know that they intend to sell the asset or grant a lease of more than 25 years
• waiting until the end of a six week interim moratorium period if the local authority does not receive a request from a community interest group to be treated as a potential bidder
• waiting until the end of a six month full moratorium period if the local authority receives a request from a community interest group to be treated as a potential bidder
• the owner does not have to sell the asset to the community interest group

Listed Assets of Community Value

A list of all assets of community value and their status on the list can be downloaded from our website.

Last updated Thursday, 12th September 2019