Guys further to my original post after doing some more looking around I found this two contradicting rules
1.
How long you can stay (Source:
https://www.gov.uk/tier-1-general/overview)
You can extend or switch to a Tier 1 (General) visa for 3 years. However in all cases you’ll be given enough leave to take the total leave granted in Tier 1 (General) to 5 years.
And
2.
245CB. Period and conditions of grant
(a) Leave to remain will be granted for:
(i) a period of 3 years, or
(ii) the period the applicant needs to take his total leave granted in this category to 5
years,
whichever is the longer
As far as I can infer..
From First statement ----
I am not eligible for a 2nd extension as I am will already be eligible for ILR due to 5 years of continuous residence...
From the second statement....
As 3 years is longer I should be able to get 2nd extension until March 2018..
Please guys could you help me undersrtand this better?