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@Markyboy
I just sold a flat that had a 66 year lease on it, but I owned a share of the freehold of the house, so could extend at minimal cost - still a ball ache.
As I understand it, the freeholder can charge you the market rate and legal costs for extending the lease, I think Land Registry have a page on their website, which will give you an estimate of market rate - a combination of property value and length of lease remaining, from memory.
The bigger issue might be getting a mortgage, as many lenders won't lend on sub 70 year leases, although that might depend on you LTV. You could ask the vendor to extend before completion, which is what I had to do, or you could use it to negotiate down the price by the estimated cost of extending - but make sure you do so soon after buying, as this cost will only increase. The vendor will have the same issue with any other buyer.