Right to bid
The Community Right to Bid does not give the right of first refusal to community organisations to buy an asset that they successfully nominate for inclusion on the local authority’s list. What it does do is give time for them to put together the funding necessary to bid to buy the asset on the open market.
When the owner of an Asset of Community value wishes to sell the property they must notify the council. We will write to the community group who listed the asset to inform them that it is coming up for sale.
First Moratorium
Relevant community interest groups have 6 weeks in which to express an interest in buying the asset. During this period the owner may not sell the property If no expressions of interest are received, the asset owner can go ahead with selling it.
Second Moratorium
If an expression of interest is received, the owner must wait until 6 months has elapsed (from the moment they gave notice that of intention to sell) before selling the asset. During this time, the community group should prepare and submit its bid for the asset.
Exceptions
The Assets of Community Value (England) Regulations 2012 list some situations where the Moratorium will not be applied, even when it is an Asset of Community Value on the list. These exceptions include the sale of assets from one partner or another (for example in a divorce). In this case the asset will remain on the list.