Guidance for owners of ACV

Guidance for owners of an asset listed as an Asset of Community Value

The owner of an asset (building or land) listed as an Asset of Community Value can apply to the council for a review of the decision to List the asset. An application for a review must be made within eight weeks of the decision to list it. Details of how to implement the review will be provided to the owner at the time of the listing.

Once an asset is listed as and ACV it will remain on the list for up to five years. During this time if the owner wishes to sell the asset they must follow the Community Right to Bid process.

Sale outside the Localism Act

There are some circumstances where the asset owner does not need to comply with the Localism Act.

When disposing of the asset:

• in the form of a gift
• containing a business which uses the asset and it is an ongoing concern
• within a family or a partnership or between trustees or a trust or between companies in a group
• in the execution of a Will or arising from various legal proceedings
• that is part of a larger estate, part of which is not listed, but where the whole estate is owned by the same person and is a single lot of land
• which is subject to an occupation

Compensation for asset owners

The asset owner may be entitled to claim compensation for loss or expenses incurred as a direct result of complying with the Localism Act.

Your claim must be made in writing within 13 weeks after the loss or expense has been incurred, along with supporting evidence.

Send to community.right.to.bid@southampton.gov.uk

Southampton City Council,
Corporate Estate & Assets
Ground Floor West
Civic Centre Road
Southampton SO14 7LY

We reserve the right to value the asset to compare valuations.

An owner is required to mitigate any losses incurred.