Asset of community value moratorium periods
The Community Right to Bid is part of the Localism Act 2011.
Under the legislation, if land or property is listed as an asset of community value, restrictions are placed on the owner if they wish to sell it.
Specifically, the restrictions stop the owner from selling for an initial moratorium period of six weeks to allow for a community group to say whether they wish to 'bid' to buy the property. If one does come forward a longer moratorium period is triggered of six-months in total (including the original six-week period) which allows the community group six months to organise their finances. During these moratorium periods there are restrictions on sales that the owner can pursue although they can continue to market it for sale. After the six-month period, the owner can sell the property to whomever s/he chooses and a period of eighteen months applies where no more moratorium periods can be triggered.
If the initial six-week moratorium is triggered for a property the Council must publicise that fact so that community groups are aware of the situation. The Council will therefore take the following steps when a moratorium is triggered.
- all the known interested parties are informed
- a notice is placed outside the property (for example on an adjacent lamp post) for a period of six weeks
- a notice is placed outside the Council offices within the Council noticeboard for a period of six weeks
- the Council web page on Assets of Community Value will be updated to publicise the moratorium
- a notice will be sent to the relevant Town or Parish Council to display