For what it's worth in the case of these 2 British expats living outside the UK for long periods they lost a legal challenge against their ineligibility.
http://www.theguardian.com/politics/2016/apr/28/british-expa...
Good luck with your citizenship application and don't be put off, if you've been here since 2005 I'm sure it will be OK.
I'm sure there are plenty of British citizens who are expats living all over Europe, and despite the possibility that they have been living outside the UK for a large proportion of their life they are still eligible to vote. Perhaps I am wrong and there is some rule against this, so please do correct me if that is the case. But if it's not, then how is this fair? Why do they get a say in the decisions a country is making without being a resident of that country?
I will most certainly be attempting to apply for citizenship. Unfortunately the prospect of being rejected, for something which will quite likely be very random and illogical (likely designed to catch as many people out as possible), makes me worried. From the (admittedly quick) research that I have performed to date, it seems that just the act of applying requires a significant sum of money (around a £1000?). If my application gets rejected, then will that money essentially be gone?
On top of all that, I am still a student, it's not easy to part with £1000 under these circumstances.