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Also worth bearing in mind that the estimated £20k might not be accurate. Get a firm extension quote and get the vendor to start the extension process as a condition of sale. Without a section 42 in place you will need to be in the property for 2 years before you can extend, and as mentioned previously you will be unlikely to get a mortgage on that short a lease anyway.
The freeholder is within their rights to charge you a premium, if you negotiate this you are liable for the freeholders' legal costs, as well as your own.
Lease extension is a tricky process, do a shit ton of research.
Trunkie
Awesome. I'll chat to the mortgage broker. Thanks guys, appreciate the advice.