Hello and welcome to the site. Thank you for your question.
The property was transferred to you and your wife in joint names.
If the property was transferred at a value below market value then your gain will be based on market value at the time of transfer as a cost price and not £24,000.
Your in-laws lived in the property till they passed away. So it is a second home for you.
Your likely gain is the difference between £235,000 and market value at the time of transfer in 1996.
You will be able to deduct costs associated with selling the property from the above gain. As it was registered in joint names you would each be entitled to gains annual allowance of £10,900 would be chargeable to CGT
CGT rate is 18% or 28% or a combination of both depending on your toyal income in the tax year when sale takes place.
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.