Hi,
Many thanks for the replies so far - it is really helpful. I wish I'd known some of this before seeing this car; it was unfortunate that my mate who drives and knows 7's well wasn't able to join me when looking at this one.
Re the chassis condition - I didn't spot any visible nightmares but then again I'm not sure I really knew what I was looking for. I didn't get many photos either. I did take 2 photos of the back end here and here. Doesn't look too bad to me for a 1997 car with >30k miles.
Re body corrosion, this is a concern as there was one patch on the drivers side - photo here which could spell trouble. I suspect it's the known grot trap by the footwell. I'd really rather not have to have a reskin as I don't have the space to completely strip and rebuild, besides the expense.
The value of this car is evidently not in its overall condition, but rather it's engine, which is rather special. I don't want to say exactly what as it could identify the car and maybe jeopardise a future sale after negative comments here, but it is awesome. Seriously awesome. There were a couple of other faults though - an oil leak, which the seller is going to investigate (it may be a simple fault introduced by the very recent service (by a garage), or maybe not) and also a smell of petrol in the boot, which is probably not too expensive to rectify, even it it means a new tank.
I'm beginning to think it may be better to buy a younger, lower mileage car with less spec engine (for the same price) and upgrade the power at a later date rather than this one and deal with bodywork/chassis issues at a later date. Any thoughts welcome.
Cheers,
John