Community groups have a legal right to apply to the council to nominate local assets as being valuable to the community.
If the nomination is successful, when the asset comes up for sale, community groups that wish to buy the asset will be given 6 months to make a bid.
It gives voluntary and community groups the chance to save important local places like pubs, libraries and village shops.
Community Asset Transfer (from Council owned to Community owned)
Local authorities are empowered to transfer the ownership of land and buildings to communities for less than their market value. This is known as ‘discounted asset transfer’ or ‘asset transfer’. This shift in ownership of land and buildings from public bodies to communities is Localism in action, giving greater powers to:
- Community and voluntary sector organisations
- Community and social enterprises
- Individuals looking to form a not-for-private-profit group to benefit their neighbourhood.
Community Shares refers to the sale of shares in enterprises serving a community purpose. This type of investment has been used to finance shops, pubs, community buildings, renewable energy initiatives, local food schemes, along with a host of other community based ventures.