1 - There may not be a socket, just a trailing wire, as not all properties had a socket. But if you can't find the end of the cable, it's probably been cut and a manned install will be required.
2 - No, the wire will be usable, so no need to replace it. My install would be similar age and it's a pretty much perfect connection.
Do not cancel your existing ISP however, until VM is actually installed and working. as it may be delayed. Also make good use of the 14 day cooling off period to test the circuit, as once that's passed you are locked in for 18 months.
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