Buying property and PET

[Bill31]

Father and me live in property, he gifts a share to me. We are currently holding the property as tenants in common in equal shares. We live together in the property and have no other properties.
Father now wants to move out with his new partner, and I would like to buy his share out so I own the property solely (or with my wife who also now lives there).

Anyone help in answering the following:

1. The property is now valued at 550k. It was worth around 400k when gift was made and no mortgage. Is there any issues with me paying him exactly 275k for his half share, or even slightly more so he can buy the property he wants?

2. If I was to buy his share out and he moves out, is there any cgt, gwr or poat issues?

3. Does a 7 year PET kick of when he moves out In regards to the original gift of the property he made?

Thanks.

[pawncob]

As it's his PPR, you can pay as much as you like with no CGT problem. Unlikely to be any GWR or POAT as there is no former and you're paying market value.
PET exemption starts when the gift is made.