An interim moratorium period of six weeks is triggered at this point. During this time an eligible community group may submit a written request to register their interest as a potential bidder for the property, and the council will inform the owner.
If the local authority receives no requests from a community group within the six week period, the owner can proceed to dispose of the property.
If a community group expresses an interest in bidding, they have a six month moratorium period to prepare a business plan, raise the funds, and make an offer to the owner to purchase the asset.
The owner has the right to sell to whomever they choose to at the end of the six month window. They will consider the community groups' offer and may accept or reject it. If the offer is rejected, the owner can dispose of the asset.
If no community group has submitted a request and/or pursued it through to completion of a purchase within the relevant moratorium periods a "protected period" of 18 months - from the time the owner notified the local authority of their intention to dispose of the asset - is activated and the owner is free to dispose of the asset without further delay.