That sounds like a pretty good idea, and a great way to get around, but you may want to consider a couple of things...
1. Insurance, you might have a hard time finding a company to insure you since you do not have an address in the UK...one solution to that MIGHT be a post office box in the UK, preferably in a small town, rates go up when you live in big cities
2. What do you do if the car breaks down? Getting a new tranny or a head gasket or something will be a huge expence that you will not want to deal with...even a new tire will run you a pretty pound...if you do go and get this car, make sure you have a garage look at the car before you fork over 1000$ or 750P what ever the price. B)
If you can get the insurance and the garage says its a sound buy, then i would for sure go for it, no better way to see Europe than in your own ride!!!