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Disposing of an Asset of Community Value

Disposing of an Asset

 

Disposing of an Asset of Community Value

 

What does the owner need to do if they wish to dispose of an asset included in the list of assets of community value?

Where an owner wishes to dispose of an asset which is included in the list of assets of community value and it is not exempt from disposal, they must notify us in writing of their intention to do so.

The Localism Act 2011 and the Assets of Community Value (England) Regulation 2012 provides further information on the types of buildings\land which are exempt from disposal.

The notification should be sent to:

Local Land Charges,

Medway Council,

Gun Wharf,

Dock Road,

Chatham,

Kent ME4 4TR

Email landcharges@medway.gov.uk

What happens once an owner has notified an intention to dispose of an asset included in the list of community assets?

We will acknowledge receipt of the notification, confirming the dates upon which the interim moratorium took effect and when this period will end.

The list of assets of community value will be updated to show that we have received notice of an intention to dispose of the asset, together with the date of that notification and the resulting interim and full moratorium periods and the protected period.

We will notify the nominator in writing that we have received notice of an intention to dispose of the asset and will publish details on the Council’s website.

Notice of disposal

Assets of the Community Value - Notice (Owner's intention to sell)

The Royal Oak, 53 Cooling Road, Strood, Rochester – 26 September 2016.  Download

 

What does the community group need to do if it wishes to make a bid to purchase the asset?

An intention to bid may only be submitted by a suitably constituted 'community interest group' which can demonstrate a local connection. The Assets of Community Value (England) Regulations 2012 provides a full definition of 'community interest group'.

The intention to bid should be submitted in writing together with evidence to support that the bid is being made by a suitably constituted 'community interest group'.

The intention to bid should be sent to:

Local Land Charges,

Medway Council,

Gun Wharf,

Dock Road,

Chatham,

Kent ME4 4TR

Email landcharges@medway.gov.uk

We must receive the intention to bid within six weeks of the notice to dispose of the asset (normally ending at midnight on the last working day of that period). Nominators are advised to obtain proof of delivery either through appropriate recorded receipt postage or by a receipt for hand delivered post.

We will pass the intention to bid to the owner of the land, or inform them of the details, as soon as practically possible after receipt.

This will trigger the full six month moratorium period during which the asset cannot be sold, except to a community interest group.

Can the owner market the asset during the moratorium period?

Yes, there is nothing to prevent the owner actively marketing the asset during the moratorium period, the restrictions refer only to exchange of contracts on the sale of the asset.

If the owner of the asset is happy to sell to a community interest company, can they go ahead with the sale without waiting for the moratorium period to end?

Yes, where the owner and a community interest company are able to agree terms within the six month period, they may proceed with the sale without waiting for the moratorium period to end.

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