Hi bee1982,
I was just wondering if your 700 4v looks like mine?
If so, the finish is original.
If you purchsed this instrument for 50 pounds, you are lucky not to be arrested for stealing
Mine is in Mint condition but I had to pay a premiem price to a U.K. guitar shop plus the expense of having it shipped to the States.
If I recall correctly, EKO installed the binding before installing the frets. They would then embed the frets in the binding making a refret impossible without damaging the binding. Hopefully your repair fella can come up with a solution that will give you a good result. Let us know how the repairs turned out when you get the instrument back from the shop.