Quick Guide to Community Right To Buy
1. The Communiy Right to Buy affects all land, towns and villages with a population of less than 10,000.
2. The Right to Buy may be exercised by a Community Body which is a community trust in the form of a company limited by guarantee with a minimum of 20 members (at least 11 from the Community itself).
3. Ministers’ consent is required to register the interest of a Community Body in land.
4. The Community Body must demonstrate that its main objective is sustainable development of the Community.
5. A Community Body interest in land must be registered against the land affected in the Register of Community Interests held by Registers of Scotland.
6. Registration of a Community Body interest in land subsists for 5 years and may be renewed.
7. The Right to Buy is a pre-emptive right to buy which is activated when the land owner or mortgage holder wishes to sell or transfer the land affected.
8. The Community Body will be given 6 months to raise funds and complete the purchase.
9. The amount to be paid by the Community Body will be assessed by an independent valuer acting on behalf of the Scottish Ministers.
10. If the Community Body is disbanded the land will be transferred to another approved Community Body, failing which to the Scottish Ministers or a Charity of their choice.
The information contained in this article is given for general information only and does not constitute legal advice on any specific matter.