Martin. If your bike has a standard cast iron head, the valve seats are part of the casting, they are not inserts. The engines were designed to run on leaded fuel, and without the lead in modern fuels there is a tendency for the seats to be eaten away. The result is that the valve moves further back into the seat, and the valve clearance closes up. Worst case is that valves will need replacing and valve seat inserts fitted to restore things to how they should be. You have some doubt about previous owner, so good chance it has been run on standard unleaded fuel.
Try the simple things first. Set the tappets, give the bike a run, then do a compression test. You may be lucky. Always run the bike with a lead replacement additive in the fuel to prevent further valve seat problems.
Swarfy