Part 5 Chapter 3 of the Localism Act (2011) details the regulations for Assets of Community Value and sets out the Community Right to Bid.
The purpose of the Community Right to Bid is to give communities a right to identify a property (an Asset of Community Value) which they believe is of benefit to their social interests or social wellbeing. It gives them a fair chance to make a bid to buy the property on the open market if the property owner decides to sell. Eligible community groups, local parish councils, local neighbourhood planning forums and charities can nominate a property to be listed as an Asset of Community Value. Successful nominations expire after five years.