The Localism Act came into force on 15 November 2011. One of the principal provisions of the Act is to introduce new powers for local communities, including a “Community Right to Bid”. This came into force on the 21 September 2012.
Through the provisions in the Act, local authorities are required to maintain a list of land and buildings nominated by local voluntary and community organisations as well as Parish councils as assets that are of value to the community. When listed assets come up for sale, community interest groups will be able to trigger a six month “window of opportunity” – a delay before the owner can dispose of the asset - to prepare a business case and secure the funding to bid to buy them on the open market.