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Yep, pretty much. You don't even have to be resident for two years any more. You just have to have owned the flat (i.e. been registered at the Land Registry as the proprietor of the leasehold estate) for two years. There are various hoops to jump through, and obviously you'll have to pay a premium, but absent or disagreeable co-lessees/landlords can't stop you from exercising that right just by being absent or disagreeable.
Brommers
so, as long as I'm resident for 2 years, even if there's absent or disagreeable tenants then I have a legal right to extend my lease?