Community Assets No 1- Glossary - "Assets of Community Value" (Update No 1 -16 November 2011)

"Community asset" is a relatively new term which is being "enclosed" with a new statutory aura of terminology; so this post attempts a short list of the new jargon. I must admit that I have a layman's understanding of such matters so I am pleased at last to delve into the Localism Act 2011 which has just received Royal Assent (16 November 2011). Now we must await the pethora of Regulations!  

To the glossary - where the Bill is lacking in detail it might be expected that forthcoming regulations will fill gaps. Let the hunt begin!


Part 5, Chapter 3 of the Localism Act 2011 (sections 87 to 108) sets out the law of "assets of community value. " Under these provisions new terms we have to deal with include the following:

• community value - (see section 88(1)(a) - This is not a reference to monetary value such as "open market value" but to a quality of the land in its current use in furthering the "social wellbeing or social interests of the local community" [Note tht further detail is given in the section!];
• list of assets of of community value (see section 88) - The lists are to be drawn up by the local authority (see section 106(1) and (3)), eg district council, county council, etc.
• community nomination (see Section 89(2)(a) and (b)) This allows community councils, town councils and parish councils and their ilkies (certain voluntary bodies) to nominate land for the list. [They seem to be in a relatively weak position.];
• land of community value - "land" is widely and interestly defined (see section 108(1));
• owner - (see section 107) is defined in relation to land as to whether the estate held is freehold or a freehold with one or more leases. [In the latter the owner owns the leasehold furtherest from the freehold!]
• list of land nominated by unsuccessful community nominations (see section 93)
• moratorium on disposing of listed land - (see section 95(1)) - here  land on a list cannot be disposed of unless Conditions A, B, and C have been fulfilled (see Section 95 (2), (3) and (4));

My first look excited curiosity and revealed my general "cloud of unknowing" about such matters. A whole new field of interpretation is about to hit me - or so methinks! Later posts will explore these terms and more further.