Assets of Community Value
The Community Right to Bid is part of the Localism Act 2011.
It allows community and voluntary groups (including parish and town councils) to request that an 'asset of community value' can be protected. The definition of an 'asset of community value' is set out in the legislation and can include either a building or land no matter who owns it.
An asset of community value could therefore be a village shop, pub*, post office* or a piece of land.
If a group requests for an asset to be listed, the Council has to decide against a set of criteria whether to list it. If it is, restrictions are placed on the owner if they try to sell it.
The restrictions stop the owner from selling for a period of six weeks to allow for a community group to say whether they wish to buy it. If they do, the group has six months to organise their finances - during that time the owner cannot sell to anyone other than a community group. After the six-month period, the owner can sell to whomever s/he chooses.
We must keep a list of the Assets of Community Value that are nominated and either accepted for listing or rejected. The Council's List of Community Assets is available to view here and can also be viewed at the main Council offices at Princes Road, Maldon Essex CM9 5DL
* The Community Right to Bid only deals with the protection of the physical asset and doesn't deal with the use. For an asset such as a pub or post office, the licensing would need to be considered separately.