I really like old bicycles, but am quite recent in this, so I don't know a lot about the subject. I needed a new bike to ride in the city and started looking for classified ads. I was initially looking for an older bike with a Reynolds 531 frame (something nice, sturdy but not crazy valuable). The market here (Amsterdam) is quite vibrant, a lot of people use old bikes as their daily, and there's a lot of those for sale here.
Eventually this one showed up. Didn't ride for a while. I tried it and it rode super comfortable, the components seem to be of OK quality, it looks great, and was pretty cheap. So I bought it.
Can you help me understand what I am looking at here?
I was thinking of taking it to get serviced, readjust the handlebar, get new bar tape and replace the saddle and pedals to something more comfortable for daily usage (but replace with something in line with the style of the bike).
Very curious to hear your opinions on this one! Thank you
EDIT: unfortunately a bit of the frame has literally been cut. Seems quite serious. I am an idiot for not realizing. Picture:
Also adding a picture of the saddle:
by Zebiribau