Is this bike ok?

[Scilly Suffolk]

Also for the less experienced cyclist, which part of the brakes are the extensions and which are the main levers? The only racers ive ever ridden have had both of these levers and to be honest ive never known a problem with them.

The main levers are the vertical ones at the front of your bars, with the extensions being the horizontal parts running parallel to the "tops" of your bars towards the stem.

I've not used any since I was a kid on a Raleigh of a similar vintage to yours, but would imagine that you'll lose some braking power through flex. Never heard of them being referred to as "suicide levers" though.

They seem to have been phased-out around the time integrated brake and gear shifters were introduced, which I suppose led to people riding on the hoods rather than the tops, making them redundant.

 

[Calaerial]

Ahh fair enough.

To be fair at least in the conditions ive ridden in so far the "suicide levers" have been plenty sharp, but i can feel some flex