The difference between a 20k and a 34k bike is likely to be really minimal, so TBH I wouldn't worry about that at all.....from the sounds of it, neither will have been hard-winter ridden with those mileages
The Alt belt should have been replaced at around 36k miles (BMW service schedule, around there I think

), so ask if that's been done......it's no biggy at all, just a 10 min job with a tenner's worth of rubber to stick in, but if it HAS been done, that will give an indication that the bike's been cared for maybe
The corrosion on the parts you mention is typical and easily solved....if they looked immaculate it would actually be suspicious IMO......
Fork seals the same....they are a piss-easy job and cheap as well, and in fact if they're weeping it's probably worth more as a negotiating tool than the problem will cost you, IYSWIM
Check the FD and pivot bearings (look at the font of all wisdom for Steptoe's guide on that) and make sure there's no play there.
A 2003 should have the twin spark engine (I think

), which was to overcome the 'surging' associated with the single spark model......so if possible, pull the coil packs and check for corrosion/bulging along the seams of the packs....they are expensive (80 or so quid each) to replace and will
F up the running.
Another common problem with the model is the headstock wiring loom.......from the factory, they were too tightly cable tied up and over the years, the steering movement has caused many of these looms to have intermittent faults....at the very least, check that all lights work at both extremes of steering lock and there are no changes at tickover either....the best you can hope for is that the loom up there from under the tank to the headstock area has already been loosened, but it's unlikely (something to do fairly on if you buy the bike though)
Can't think of much more....rear subframe check, in case it's been run with full panniers and topbox....that's a weak spot but is obvious to spot (top of the triangular section behind the fuse/relay box sits)
Final drive bevel gaiter......check that's not seeping and is intact.
ABS lights (if it's ABS) do they go out when it gets to walking speed?
Fuel pump whine......may be just low on fuel but if it's not, a worn pump will often be quite noticeable. (cheap but messy fix, Audi replacement pump and an hour's work)
Silly things come to mind.....if the foot rest rubbers are still in place, there's a fair chance the bike has never been offroaded.
Overall, on a bike like this, not even service history will tell you too much.....many people have none but their bikes have been well looked after......Personally, I'd put equal weight in judging the person selling it as I would to the service history....if he/she comes over as a bit of a twat or is evasive in any way, dig deeper or walk away
Hope that helps a bit, but go with your gut feeling...these 1150s are made of proper metal and are pretty bomb proof
