Assets of community value

If the owner of an Asset of Community Value decides to sell, there is an ‘interim moratorium’ period of six weeks in which they cannot sell the property. This is to allow time for any community interest group to request to be treated as a potential bidder for the asset.

The community interest group does not have to provide any evidence of intention or financial resources to make such a bid. A Community Interest group must have one or more of the following structures:

  • A charity
  • A Parish Council
  • A community interest company
  • A company limited by guarantee that is non profit distributing
  • An industrial and provident society that is non profit distributing

If a community interest group makes a request during the interim period, then a full six-month moratorium will operate. During this period the owner may continue to market and negotiate sales, but may not exchange contracts or enter into a binding contract to do so later. There is one exception. The owner may sell to a community interest group during the moratorium period.

After the moratorium period – either the six weeks if there has been no community interest, or the full six months – the owner is free to sell to whomever they choose and at whatever price.