Over the last 12 months a number of campaigns to save local pubs have appeared in the news. These have highlighted the process of listing a property as an ‘asset of community value’ (ACV).
While this has provided community groups with the opportunity to protect the asset they value including, for example, car parks, bowls clubs, hospitals, village halls, nature reserves and football grounds, it can be a nightmare for the property owner who can find his property sale at best significantly delayed and at worst scuppered altogether.
Where an owner of property listed as an ACV wants to sell it, the community group is given the opportunity to raise money to put forward a bid to buy it. This acts to prevent the owner disposing of it until a certain period of time has elapsed.
It is important to note that the law does not give anyone the right of first refusal to buy the property or restrict to whom the owner ultimately sells it. However, the potential delay in the selling process, which can be many months, may effectively result in the loss of a sale.
Whether you are a community group looking to save a community asset or a property owner wanting to know the risks of designation of your property as an ACV, clear legal advice is essential. Please contact Glyn Evans on 01934 637911 or by email on email@example.com.