Nominations to list an asset for community value can be made by:
- town and parish councils
- unincorporated bodies with at least 21 individual members which do not distribute any surplus it makes to its members
- registered charities
- companies limited by guarantee which do not distribute any surplus they make to their members
- industrial and provident societies which do not distribute any surplus they make to their members
- community interest companies
- a body designated as a neighbourhood forum under the Town and Country Planning Act
Listing an asset allows time for groups to prepare a bid if the asset is offered for sale within five years of the listing. Other potential buyers may also make an offer. Any sale after the six month period takes place under normal market conditions.
The owner is under no obligation to sell to a community group and groups that have registered an interest are under no obligation to bid or purchase.