Assets of Community Value
The 'Community Right to Bid' was introduced by the Localism Act and came It came into force on 20 September 2012.
The Right to Bid gives voluntary and community groups and town and parish councils the opportunity to nominate local land buildings to be included on a list of 'assets of community value'.
On receipt of a completed nomination form the council will made a decision on whether to list the asset within 8 weeks.
The asset will then be placed on a list of successful and unsuccessful nominations on the Council’s website.
Under ‘Related Documents’ on the right, you will find a link to West Somerset Council’s list of Assets of Community Value and the West Somerset Council Community Asset Transfer Policy.
All of the assets on the List of Assets of Community Value have been added to the list because they meet the definition of 'asset of community value'.
The List of Assets of Community Value will be updated as we receive and evaluate new nomination forms and as owners of listed assets announce their intention to sell their asset. Once listed, an asset will remain listed on the register for 5 years and then it will be removed from the List of Assets of Community Value. It will be the responsibility of the original nominee or any other community group to re-register the asset. If the nominee or other community group decides to apply to have the asset re-listed, they will need to complete the Asset of Community Value Nomination Form and submit it to West Somerset Council.
If an asset is listed and the owner decides to dispose of it within the five year listings period, then the community is notified and has a 6 week period in which to decide whether to submit a bid to purchase and run the asset.
If the community decides not to submit a bid, then the asset owner is free to dispose of it on the open market. If the community confirms that it does wish to submit a bid, it then has a 6 month moratorium (from the initial notification) in which to develop its bid to the asset owner. Unless it is to the community group, the asset cannot be disposed of during this period.
If a bid is not received or accepted in this 6 month period, then the asset owner is free to dispose of the asset on the open market for a further period of 12 months, at the end of which time (if no sale has been achieved) the whole process begins again.
If you are eligible to nominate a building or land as an asset of community value you may do so by completing the Assets of Community Value Nomination Form (33kb docx).
More information about Assets of Community Value is available on the Community Rights website.