The sale of an asset of community value
If an owner wishes to sell an asset of community value they must first notify the council's Community Assets Team by emailing communityassets@basingstoke.gov.uk or by writing to Community Assets, Basingstoke and Deane Borough Council, Civic Offices, London Road, Basingstoke, RG21 4AH.
From the point that the owner notifies the council of their intention to sell, the first moratorium period of six weeks commences. At this stage the council will inform the local community groups it is aware of, local ward councillors and the parish council of the pending sale. The six-week period allows community interest groups to make a written request to be treated as a potential bidder. If no groups wish to bid for the property, it can then be sold at the end of the six-week period.
Only those groups which fit the definition set out by the government can use the right to bid.
If a community group makes a request to be treated as a potential bidder during the first six-week moratorium period, then the full six-month moratorium period commences. This starts from the date the owner notified the council of their intention to sell. During this time the owner can market the property or negotiate a sale but may not exchange contracts (or enter into a binding contract to do so later). The only exception is that the owner may sell to a community group during the six-month period.
The owner is free to sell to whoever they wish, at whatever price, at the end of the six-week period if there has been no community interest, or after the six-month period if there has been community interest. No further moratorium periods can apply for the remainder of a protected period lasting 18 months; starting from the point that the owner notified the council of their intention to sell.
Not all proposed sales or transactions have to be notified to the council, for example gifts or disposals in accordance with a will.
If you are the owner of a registered asset of community value, you must:
- make every reasonable effort to establish whether your property is a registered asset or not prior to selling (you are advised to have this confirmed in writing)
- inform the local council of your intention to sell the property
- not sell the asset until the end of the six-week period, or if there is community group interest in making a bid, within the six-month period (unless to a community group)
- inform the council that the land has been put onto the Land Registry as a result of an application for first registration
- inform the council if you have become the new owner of listed land (giving your name and address)
- comply with this scheme because non-compliant sales will be void or ineffective, meaning that the change of ownership has not taken place
- seek advice from the council prior to commencing a sale or property transaction