A six week delay starts when an owner tells us of their intention to sell a listed asset, or enter into a lease of 25 years or over. This is for community groups and organisations to send expressions of interest to be considered as a potential bidder. Owners cannot sell assets during this six week period. If an expression of interest is received from a community group, the delay (known as a moratorium) will be extended to six months.
Owners can continue to market an asset but must not exchange contracts, other than with a community organisation, during this six months. The six month period is intended to give community groups or organisations time to prepare and send a bid to take on the asset.
If a community group or organisation has not successfully bought or leased the property after the six months the asset may be sold by the owner on the open market.