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fredtc
The vendor I just bought my flat from did this. I researched a lot before making my offer as originally the vendor was reluctant to sort it herself. It's a relatively simple process provided the other freeholders want to extend as well. How many freeholders are there? The more there are the more complex it will be.
If you all want to extend then you simply charge yourselves £1 for the lease and get the paperwork written out for a new 999 year lease.
The only issue you could encounter is if any of the other freeholders don't want to renew (because they never plan to sell or some other reason) they are entitled to charge marriage value for your effective uplift.
PM if you want the details of the guy who did ours, he was efficient and cheap. Especially compared to some quotes I had.