Sam, my apologies as my guidance was slightly incorrect.
In order to renew your licence, you are required to have held a valid aircraft rating for any type/class rating that has not expired by more than 5 years*, and a medical certificate appropriate to the licence being re-issued valid for the first day of issue of the new licence.
*Where the validity of your most recent aircraft rating has expired by more than 5 years, you will be required to renew an aircraft rating within your licence prior to licence re-issue. If you are currently flying under the privileges of a non-UK ICAO licence or are a current Qualified Service Pilot, and are flying an aircraft type/class within your UK or JAR-FCL licence, you will not be required to renew an aircraft rating but will be required to supply actual flying logbook(s) evidence, and a copy of your non-UK ICAO licence with your application for verification.
This has obviously been changed to ease the paperwork. All you now need to do is to arrange to pass the SEP Renewal LST the day your licence arrives, your Examiner can then sign your Certificate of Revalidation and you can start using your PPL again immediately.
Still no need for the oral though - and a renewal LST shouldn't take more than about 1:15.