Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.
There are two principal ways you can extend your lease. The most common approach is by way of a deed of surrender and regrant where the existing lease is surrendered and then regranted on new terms (often the terms will be largely or exactly identical to the old lease save for the length of term though other terms can be changed too if it is desirable).
The second approach is as you suggest, by way of a Deed of Variation varying one or more terms of the existing lease. Where the term varied is the length of term the Deed of Variation operates to surrender and regrant the new lease (by operation of law) though it happens to be being done here within a Deed of Variation.
The two approaches are means to the same end. Whichever approach is chosen, the relevant Deed must be registered at H M Land Registry once signed if the length of lease is more than 7 years.
If a Deed of Variation is chosen it will sit alongside the original lease at the Land Registry with the title deeds and the two must be read together.
Does the above answer all your questions or is there anything I can clarify or help you with any further?
Yes it can. See 2.2 of Land Registry practice guidance on the issue at the following link for confirmation:https://www.gov.uk/government/publications/extension-of-leases/practice-guide-28-extension-of-leases
Have I been able to help you with all your questions on the above?
Yes this can be done either at the same time as a lease extension or separately as preferred
Is there anything else I can help with?
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I should be very grateful if you would kindly take a moment to rate my service to you if you have no further questions. Many thanks