The Localism Act introduced a new right for the community to nominate to the Council certain local publicly or privately owned buildings or land for recognition as being an asset of community value. The Council must consider all nominations received and, where it accepts that the current use or a recent past use of the asset has in the opinion of the council furthered the social wellbeing or social interests of the community and can continue to do so, include the building/land on a list of assets of community value. If an asset is listed then the owner cannot dispose of it without the community having an opportunity if it wants it of a total of 6 months to put together a bid to buy the asset. The owner of the asset does not have to sell it to the community. Assets will stay on the Council's list for a period of 5 years. The Council will also maintain a list of unsuccessful nominations. The list and further information can be found here.