OK first thing's first, forget about mortgages, as they have nothing to do with the CGT liability - all a mortgage is, is the source of some or all of the purchase price.
You then acquire the other half of the property in 1998, at whatever the cost to you at that time was, plus any further stamp duty & legal...
Not the agreed cost, but 50% of the open market value of the property at the transfer date in 1998, surely?
Sorry yes, the value at that time if the price wasn't an arms length transaction, but since the two people involved were strangers in blood then they weren't connected persons per the legislation, so you'd be inclined to go wit what was agreed at the time unless it is manifestly wrong.
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