Asset of Community Value - Bidding

Once the land and/or buildings are listed as an Asset of Community Value (ACV), the owner must notify us of his/her intention to sell the asset. This will be publicised on our website and all known interested parties will be notified in writing. This is called the initial moratorium period.

During the initial moratorium period, any community group must then inform the Council in writing (via the Request to Bid form) if they would like to make a bid to purchase the ACV. A Request to Bid form together with guidance notes can be downloaded from the East Herts District Council (EHDC) website.

If no community group notifies us within the six weeks that they wish to place a bid, then the owner is free to sell off the asset as they see fit.

If we receive notification of a potential bid, then that group will have a period of six months within which to place its bid. If there is more than one community group interested in purchasing the property, we would encourage the groups to work together. The six month period runs from the date the owner notifies us of their intention to sell the property. This is known as the moratorium period. If a group wishes to set up a Community Interest Company (CIC), in preparation for making a bid for an asset, this process can take some time, so you are encouraged to consider and act quickly if this is what you wish to do.

At any point before the end of the moratorium period, the community group may enter into negotiations with the property owner providing they are willing to do so. Please keep EHDC informed of any developments.

At the end of the six month period, if a community group has successfully put a bid together, the owner of the ACV has the option to either accept this bid or sell the property freely on the open market. Putting together a bid is no guarantee that the property owner will sell to a community group.

 

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