Legislation
What does the legislation do?
The legislation allows for a six month moratorium in the event of the asset being marketed for sale. During this time the asset cannot be sold. The six month moratorium allows the nominators time to gather funding and submit a bid to the owners with the intent of community ownership.
What happens when the listed asset comes up for sale?
We will write to the nominating group who listed the asset to inform them that it is marketed for sale. The nominators then have 6 weeks (interim moratorium) in which to express an interest in purchasing the asset. If no expressions of interest are received, the asset owner can proceed with the sale.
If an expression of interest is received, the owner must wait until 6 months has passed from the moment notice to sell was received by the council (full moratorium). During this time, the community group should prepare and submit its bid for the asset.
What does the legislation not do?
The legislation is not designed to prevent development or change of use. It does not give the nominators preferential treatment in regards to the purchase of the asset. For example, the owner does not have to sell at a reduced price, or grant the nominators first refusal to purchase.