At 126,000 miles there are a few things you'd need to check have been done, or budget for:
Clutch
Timing belt/tensioners/water pump (although may have been done at engine rebuild in 2007, you'd need to check and I'd certainly hope they'd been done!
)
Front lower wishbones
Drop links
ARB bushes
Rear arm bushes
Radiator
Air con radiator (it gets the full force of stones coming through the bumper openings, so "needs a regas" may mean "because the aircon rad is holier than the Pope!
)
Brake lines and rubber hoses throughout could be "tired".
Dampers all round will also be tired.
Obvious things like brake discs, pads, possibly even rear callipers will all need checking, as will the rear brake bias valve.
Handbrake cables.
And then a full service.
If you have to rely on someone else to the work for you then a £1500 refurb budget is quickly eaten up, even if you only pick 3 or 4 items from the above list.
Or.........it could be a hidden gem that sails through the next MOT and you've nabbed a bargain
These cars aren't cheap to get to a decent standard which is why the common sense approach is to buy the very best you can afford.
I ignored that advice on purpose because I wanted a project, but it's fair to say that even parts blew the £1500 budget!