Assets of community value
By Serdar Mehmet
As the residential development market shows real signs of growth, housebuilders are finding that their plans are being thwarted. Developers need to be aware of the implications of a site being or which could be classified as an asset of community value.
The Localism Act 2011 (the ‘Act’) came into force on 1 November 2011 and the Assets of Community Value (England) Regulations 2012 (the ‘Regulations’), which flesh out the provisions contained in the Act, came into force on 21 September 2012. These fairly recent pieces of legislation define how land may be classified as an asset of community value (ACV).
The legislation is designed to give communities the power to play a more active role in the way that local services are provided. In particular, the Regulations give a local community time to bid and raise the funds to buy an ACV that is up for sale…
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