How I almost set fire to my garage...

[Jonathan]

Thanks Jonathan, I am in two minds about opening it up. Part of me wants to open it up and check it out but then I think stuff it, keep running it until I have problems, and deal with the bearings then.?

If you leave the bearings and the grease/oil is no longer present they're not going to last very long, then you'll need new bearings - i.e 7005 matched pair for about £50-£100. Compare that to a few £'s on the right lubricant. However you might find that there's nothing wrong...

Just looked at the photos again, and it looks like the spindle itself has blackened? Is that just soot? I hope it's not got hot enough to anneal the collet taper, as that would clearly be a big problem.