Trust Property Taken

I'm a new town clerk, the council are trustees of some land that had been left for the beneficial use of the children and young people of the town. When the local authorities were reorganised here in Wales some of this land fell into the hands of the County Council, this was our allotments and a plot of land which they built some flats on. In 2010 they transferred their housing stock to an association and accidentaĺly transferred other land such as our allotments. Yesterday I spoke with the Housing Association about getting our allotments back and they were quite keen to off load. They knew all about the trust that is in place and went to great lengths to tell me all about the root of title. They offered me the land for £1 but wanted me to agree to terms including no right of assignment and should we sell within 50 years they would want 75% of the proceeds. 

Am I correct in thinking that I could register a beneficial interest in this land on behalf of the Trust? If that's the case shouldn't they be offering the land to me free of encumberences? 

Also, could we register a beneficial interest in the land with the block of flats on? Clearly both the local authority and the association were aware of the existence of the trust.


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