Sale of assets of community value
When an owner decides to sell a listed asset, they must tell the Council. The Council will then inform the Community groups then have six weeks to write back to the Council to confirm whether they are interested in purchasing the asset. This six weeks is called the "interim moratorium period." If no group shows interest in this time, the owner can sell the asset.
If a potential bidder does show interest, the owner cannot sell the asset for six months from the date the Council is told of the intended sale. This six months is called the "full moratorium period." It gives the community group time to prepare a bid. However, the owner does not have to sell the asset to the community group, even if they make a bid.
There is also a rule called the "protected period." This lasts for 18 months from the time the owner tells the council they want to sell. During this time, no more moratoriums can happen.
