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Our will be in it's final year of having 80 full years left after next March and we won't have owned it for two years until July. As far as I am aware, the clock stops as soon as you serve the s.42 (I think).
That being said, you only have two wait two years if you need to go the statutory route (90yrs, peppercorn ground rent and reasonable premium all protected by law).
You can approach the freeholder anytime you want but if they're not reasonable they could and up offering shitty terms, ridiculous premium and a meaningless length of extension as they are not bound to offer anything reasonable by law.
Worth a punt as asking informally first does nothing to harm you if you do need to go the statutory route later.
stevo_com
Good shout. The freehold is owned by a private company so I don' tbelieve they'll do me any favours but it won't hurt to ask.