BA just applied to the CAA to extend the lease of the second B747-400F (N494MC) for another 12 months. T There has been no decision yet.
The procedure is that all UK airlines wishing to lease foreign registered aircraft have to apply to the CAA, then the CAA publishes the applications so interested parties can object (for example if a British airline can provide a suitable alternative aircraft -the application will be rejected etc) The decision usually takes about 4 weeks - this one should be decided within 2 weeks.
Currently awaiting decisions on the use of foreign aircraft are;
Airtours 2 A320s (Skyservice) 1 B737-400 (Air Belgium)
Air 2000 1 A320 (TransAer)
Britannia 1 A320 (TransAer) 1 B757 (Britannia AB)
British Airways 2 B747-400s (Qantas) 1 B747-400F (Atlas Air)
British Midland 1 BAe146 (Air Atlantic) 1 ERJ-145 (Skyways)
Monarch 1 L1011 (Air Atlanta)
Sabre Airways 2 L1011s (Air Atlanta)
They are usually granted as during the Summer there are few spare aircraft, especially in the size category most airlines require here.