Firstly, I apologise for going against all the advice that I have received in this forum.
Secondly, I have purchased my first lathe, MYFORD ML7. It cost me £210 + £60 (pickup). It includes self centering 3 jaw chuck, independent 4 jaw chuck, 2 face plates, steady and many other cutting tools. Also, I got a grinder and a vice included within the price.
Total cost £270
Why did I go against the HMEM member's advice?
Firstly, I appreciate all the valuable advice that I received.
Secondly, I have been searching for a lathe on ebay for over a month now. I have noticed that MYFORD ML7s have been selling for about £500 on average and I think I am yet to see a MYFORD ML7 lathe selling for less than £400. Even a MYFORD ML7 lathe in a really bad condition, being sold for spares or repairs, sold for £255+pickup costs
http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&item=140493869012&ssPageName=STRK:MEWAX:IT
For this reason I thought I may as well buy it and even if I come to selling it then I won't make any loss.
The lathe is in working condition, seem OK to my novice eyes. The only thing is that the handle on the toolpost has snapped and it seems easy repair (I think).
Also, I have found a workshop place. A friend of mine owns a car garage and he has given me the permission to setup a lathe in his garage. Cool.
Next step, get/make a workbench.