What happens when a listed asset comes up for sale?
If the owner of an asset that’s on our Assets of Community Value list decides to sell their property, or grant a lease of 25 years or more, they must write to us to let us know. They must then delay selling their property for a minimum of 6 weeks.
We’ll write to the organisation that nominated the asset for the list, to let them know that the owner plans to sell the asset. We’ll also give them instructions on what to do if they’d like to place a bid.
If the organisation makes a bid during the 6 weeks, the owner can’t sell their property to anyone else (other than the organisation) until 6 months have passed. This allows the group time to raise finance, put together a business plan and submit a full bid to the owner.
The owner of a listed asset doesn’t have to sell it to the community group.