lotuselan.net/forums/viewtopic.php?t=16571
Reading the above post and this one, I have a little bit different story.
I bought my Elan basicially as a box of bits, got some good info from the last owner (A) who put me in touch with the guy he bought it from (B).
The engine had supposedly been rebuilt to a high standard when A bought from B. However A had never had it running (or so he said) and having met A a couple of times since I think I believe him.
Anyway, I had a long period of rebuilding to do, and in the meantime met up with B, he then produced what seemed to be an endless set of bills for work carried out, I was quite impressed, QED parts bills etc etc.
So I thought I was on a winner. Just how far from the truth I could have been was unbelievable. The engine was total ‘doggy do do’ once I could hear it running. Valve stems ground on the ends to give clearance, standard bores that had new rings fitted to standard pistons, HA, they were 20 thou oval. Yet all the bills were there before my eyes. Cost me ?1200 to get it right. 
So yes I was delighted to find the history (bills) but obviously disappointed with what I found.
Have since met A again at Donington this year, had a chat, he just could not believe what I was telling him. But hey it’s history, so no big deal.
I think we have to do as previously has been said, look with your eyes open, but also assume the worst at all times.
One last thing I did find out that my Elan had spent most of it’s life off the road after a front end bump with only 17000 on the clock, then got passed around owners for something like 17-18 years before I got it back on the road. So yes there is sometimes a bit of the unusual in a cars history if you dig it out, and I found that out from C who owned the car before A and B.
Hopefully we will make it to Classic Le Mans ‘again’ this year.