Community Right to Bid
The Community Right to Bid (‘the Right’), which is also known as assets of community value is one of the community rights derived from the Localism Act, 2012.
The aim of the Right is to enable communities wishing to protect valuable local land and buildings by requiring the council to maintain a list of assets of community value, which have been nominated by the local community. This includes both successful and unsuccessful nominations.
When listed assets come up for sale, the Act then gives community groups the time to develop a bid and raise the money to bid to buy the asset when it comes on the open market.
The Right does not restrict in anyway who the owner of the asset can sell his property to, or at what price and it does not confer a right on first refusal to community interest groups.