Thanks for the quick reply.
I thought this to be but you would think a guy who owned it for 5 years would know.
I am so glad it is not encapsulated.
It does have quite a layer (2mm) on the keel and i can see that it has had a grinder over the lead, or some form of roughening up for a fairing compound to adhere to.
The shipwright at the yard was under whelmed when i asked him about it and said i could put a layer of glass mat and tie it in with the keel, but i think that is going too far.