Community Asset Transfer

Finance

We have a legal duty to achieve best value. 

You are not guaranteed the transfer at a nominal value. The transfer will be negotiated as part of the assessment. Our statutory duties are:

• to make arrangements to secure continuous improvement in performance (while maintaining an appropriate balance between quality and cost)
• to have regard to economy, efficiency, effectiveness, the equal opportunities requirements and to contribute to the achievement of sustainable development;
• to achieve break-even in trading accounts
• to observe proper accounting practices
• to make arrangements for the reporting to the public of the outcome of the performance of functions
• making the best use of public resources, including employees, contractual agreements, ICT, land and property and financial resources - keeping a considered and appropriate balance between cost, quality and price.

Your business case needs to show why there is enough public benefit to a community to justify transferring a publicly owned asset at less than market value, whether this is through a lower cost lease, or lower than market price transfer of ownership.

Financial information about the property

Contact us for information about the asset including running costs, maintenance logs, income from lets etc. 

Legal costs

Community Transfer Bodies are expected to cover all their costs during the process, this will include all costs including the council’s legal costs, which will be kept to the minimum at a capped fee of £1,000.

Council Fees and Charges Policy

A Community Transfer Body would not be expected to implement the Council Fees and Charges Policy but it would be expected to benchmark their charges policy against other similar organisations.

Applying for funding

If your Community Transfer Body applies for funding before a decision has been made it does so at its own risk and must take into consideration the timescales for a decision being made. The Community Asset Transfer process will not be determined by the timetable of external funders. Applicants should be aware that funders will set deadlines for commencement and completion of grant aid.

Moveable assets

Moveable assets including equipment and furniture will not be included unless negotiated.

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