Pros and Cons of Lease Extension

Pros

Enables you to extend your lease for a further 90 years without the cooperation of the other leaseholders.
'Peppercorn' ground rent will be charged under your new lease, essentially meaning that your lease will become rent free.
Your new lease will be on the same terms as your existing lease, subject to minor modifications and certain statutory exclusions/additions.
Your property will become more marketable as mortgage lenders will often not lend against properties with leases of less than 70 years.
A more secure family inheritance will be created.
Potentially cheaper than Collective Enfranchisement.

The Freeholder still owns the freehold.
The Freeholder may be able to terminate the new lease within 12 months of the right being exercised or during the first five years of the new lease. He can only do this if he asserts to the Leasehold Valuation Tribunal that the property will be redeveloped. Nevertheless, the compensation provided would most likely outweigh the cost of the lease extension.