Be careful. The current leaseholder may have more rights than you as a new leaseholder as I believe you may need to be there for 3 years before having the full right to extend the lease. I may be wrong on this but why do you want to extend now? Lenders are more than happy with the term remaining so you only need to be concerned if you are there for years and years and want to move. It would seem a waste of money to extend it back to 99 years now. The option to extend is certainly going to be therefor you though as the law enables you to do this. The law also enables you and other tenants to buy the freehold off the current landlord and create a management company giving you and the other leaseholders ultimate control over things like lease extentions.