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jellybaby
You'd need to put £200k in to that place I reckon.
Total ballache.
Would be a banger when done but I don't think you'd see a great return on it.
If it is a probate sale you might find it doesn't matter what you say you can pay, they will go for the most reasonable offer from the most well positioned buyer, i.e. someone with cash or who doesn't' need to synchronise another sale to go through with it.
The leasehold aspect of it is a warning. It doesn't matter what others might say - it is a absolutely a problem because leasehold houses have historically and recently in quite high profile ways been a cause of problems. Some will dismiss it out of hand. I would. Leasehold houses can do one.