The Government has launched a consultation into the new community right to buy policy. The Government’s proposals, part of the wider Big Society initiative, are intended to give local groups the legal right to buy buildings which are deemed community assets.

The proposals as outlined will allow local groups a right to nominate buildings (such as local shops and pubs) as assets to be included in a list compiled by the local authority. Then, if a listed asset is put on the open market for sale, local community groups will be given the opportunity to be a preferential purchaser.

Any asset kept on a local authority’s list would be protected by registration of a local land charge.

The consultation document sets out proposals for defining an asset of community value and criteria for deciding whether any nominated building or parcel of land constitutes such an asset. Alternatives are suggested for the ways in which assets may be nominated and subsequently listed and, in relevant circumstances, de-listed.

To read more, or to take part in the consultation, you can follow the link to the consultation paper here.