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.