I think it could do with an upgrade, however it looks from the pictures to be serviceable.
the only thing that MIGHT be asbestos is the blue backing in the panel shown in picture 1
however if it is not disturbed it could still give many years service.
if you are concerned about the possibility of asbestos, then it would be wise to have a survey done that specifically looks for it.
it could be found in many places, fuse holders, heating flues, gutters, pipework, cladding, etc.
the list is endless, back in its day it was seen as a wonder material and used for all sorts of things.
it is strong, water resistant, heat resistant, cheep. why wouldn't you use it?
but back then they didn't know the dangers of cancer linked to it.
I expect that for a couple of hundred $ you could get a survey done, if it finds a bit here and there then I expect the cost could be offset against the agreed purchase price?