Part 5, Chapter 3 of the Localism Act 2011 provides for a scheme called ‘assets of community value'. Under this Act, Stratford-on-Avon District Council is required to maintain a list of ‘community assets'.
Nominations for community assets can be made by parish councils or by defined groups with a connection with the community. Individuals cannot nominate community assets. If the nomination is accepted, the group will be given time to come up with a bid for the asset when it is sold. A nomination form is available to assist in the preparation of nominations.
The right to bid only applies when an asset's owner decides to dispose of it. There is no compulsion on the owner of that asset to sell it. The scheme does not give first refusal to the community group (unlike the equivalent scheme in Scotland), and it is not a community right to buy the asset, just to bid. This means that in some instances the local community bid may not be the successful one.
Certain types of land, most notably residential property, are exempt from being placed on the register. Owners of property placed on the register may appeal against its listing and can claim compensation if they can demonstrate its value has been reduced. Also, certain types of transfer of land or assets do not count as disposal for the purposes of the legislation.
The scheme was brought into effect on 21 September 2012.