The Community Right to Bid now into force!
The Community Right to Bid is part of the Localism Act and came into force on the 21 September.
This Act is an attempt to ensure important assets remain in public use and stay part of community life. This could be the village shop, the pub or library. Under the Localism Act, voluntary and community 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 six 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.