Assets of Community Value
The Council is required to maintain a list of assets in its area that are of community value. A building or land is of community value if in the opinion of the Council its main use furthers the social well-being or social interests of the local community, or has recently done so and is likely to do so in the future.
The purpose of the legislation is to protect the continued use of assets such as village shops, pubs, post offices and other assets with a value to the community by allowing qualifying voluntary and community bodies and Parish Councils to nominate assets for listing. The right applies to both public and privately owned land.
The Council must consider and accept the community nomination if the asset is in the Council’s area and is of community value.
The provision relating to Assets of Community Value are set out in Part 5 Chapter 3 of the Localism Act 2011 and the Assets of Community Value Regulations 2012. The Department of Communities and Local Government has also produced a Non-Statutory advice note to assist local authorities to implement the scheme.
The provisions do not place any restrictions on what an owner can do with their property, once listed, so long as it remains in their ownership. Also, the provisions do not restrict in anyway who the owner of a listed asset can sell their property to, or at what price. It is also not a right to buy or a right of first refusal. However, when the asset comes up for sale the legislation gives community bodies time, by way of a moratorium, to put together a bid to buy the asset on the open market.
View the list of assets of community value
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