srs light on???

Hi Everyone
This is my first attempt at using the site so please excuse my limited pc skills.
I have just viewed a 2000 y reg 2.4 TD5 Discovery which seemed to look ok and cared for with lomg mot and clean and tidy condition.

It drove ok although felt a little sluggish, although this is the first time I have ever driven one so I cant really comment fairly on it can I.

However ! I noted that the SRS light was on permantly?? Is this a bad and expensive repair? The owner said he thought it was a wire off under the drivers seat for an air bag. lol. I have read a couple of entries on this site and think that's not quite true somehow and it rings right as he said it had the wheel bearings and front disks etc done for the last mot.
I also noted a bit oil on the bottom of the steeering rack?

I wanted to buy the vehicle but not being 4x4 clued up thought it safe first to find a forum and ask a few questions before buying it and living to regret doing so.

I was drawn to it due to needing an occasional 7 seater that capable of pulling my vans out when stuck in the winter to save recovery costs. Plus tow our caravan and trailer from time to time which I'm sure a discovery is well up for.

My last question is what sort of fuel return should I expect to get on average both myself and wife are mature sensible drivers and neither of us have a heavy right foot.

Hello again to you all please reply asap as if its nothing too expensive to worry about I will buy it and become another Discovery owner.

Thanks

Kevin

South Shields. Tyne & Wear.

The only shaw way to know about the srs light is to have it pluged in and the fault codes read , but it can be corsed buy the plugs under the seat that plug into the seat belt pre tenchioners , this it's what happened to mine , all in my case was needed was to unplug the yellow plugs under the seats clean with eletric contact cleaner and plug back in job done , but code reading would be more accurate, they can feel slow to drive if it's your 1st time , and the steering box does have a common leak on the output shaft ( recon box replacement) but can be lived with until your mot guys thinks its time to fail it .fuel wise never really work it out but mid 20's average . Things to look for it a rusty re chassis . And check for water damage in side and in the fuse box in drivers side dash , make shaw all eletrics work and give it a good test drive on forgetting to try it in low drive to ,
And try putting a bit more about yourself making it more a inturdution .then post in the discovery part you will get a lot more help