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Hi Anson, There is no such thing as a 'correct' structure. There are many different ways of structuring things, some are better than others (in some aspects). You need to seek advice - from a lawyer and tax adviser too - and then make a decision based on what you plan to do in the future and...

I was talking about 2 ownership entities. You should separately consider a development entity. A solicitor needs to prepare deeds. Contracts would be entered into in the names of the trustee (s) Consider the structure of your existing trust too.

Why not get some specialised advice. Both legal and tax. It might be worthwhile setting up 2 trusts which could buy as tenants in common in proportion to the sale v keep. Deed of partition too. May also be good for asset protection now and later. Consider also fixed unit trusts.