Guidance for Owners

The main provisions are:

1. Local communities can nominate any asset in their local area which promotes the 'social wellbeing' or 'social interests' of the community.
2. If the nominated asset meets the statutory definition of an asset of community value, the Council must place it on the List of Assets of Community Value and notify the relevant parties.
3. The owner of the asset has a right to an internal review of this listing decision by the Council, and a right of appeal to an independent tribunal if they remain unhappy following the internal review result.
4. If any listed asset comes up for sale, the owner of the asset must notify the Council, who in turn will update the List to reflect this and notify the local community. This will enforce an interim moratorium period, which will give the local community an initial six-week period to say if they are interested in bidding to buy the asset.
5. If no interest is expressed the owner may dispose of the asset and no further moratorium can be invoked for a period of 18 months from the date the Council received the owner's notice of intention to sell.
6. If interest is expressed, the Council must notify the owner, who is then not allowed to sell the asset for the full moratorium of six months from the date the Council received the owner's notice of intention to sell. Generally the only sale permitted during this period is to a local community group; however some sales are exempt from the moratorium.
7. If no permitted sale occurs, after 6 months, the owner is free to sell to whomever they choose at whatever price they choose for a further 12-month period without having another moratorium applied.
8. The Council is responsible for administering a compensation scheme to enable asset owners to claim for costs or loss incurred in certain circumstances as a direct result of complying with these procedures.
9. Owners have the right of an internal review of a compensation decision by the Council, and if they are unhappy with the outcome of this review they can appeal to an independent tribunal.