Hi Michael, I got my rack reconditioned by a company called Steering Specialists in Wakefield. I popped my steering rack in the post to them and within a couple of days they had sent me back a reconditioned rack for £160.
The rack seems okay and so far, touch wood, there aren't any more leaks.
Supposedly, the rack is cleaned down, powder-coated and all the seals inside are replaced. Looking back now, the quality of the powdercoating in my opinion could be better as they covered the metal tag with the BMW P/N and some of the coating on the steel pipes that run on the rack wasn't as clean of a finish as I would have liked. But then, I am very OCD about the underneath the zed and it likely wouldn't bother most people.
The original power steering oil cooling line which is mounted to the slam panel under the bonnet was very rusty so I ordered a new one from BMW for around £60-70 if my memory serves me right.
The actual hoses were all okay, there are a couple of sections which are part hose and part steel that I've heard are supposedly notorious for rusting away. Mine were absolutely fine as years of leaking oil from the steering rack and other areas had prevented any corrosion. They were cleaned up, degreased and painted black.
All the original hose clamps I replaced with jubilee clamps, if the old hose clamps have eaten away at the rubber hoses you can trim
some of the hoses very slightly at the top/bottom to get fresh rubber so that you can form a tight leak proof seal with the jubilee clamps. This is because there is enough slack in the hoses to allow you to do that and not causes any extra stress on the components. You can alternatively buy new hoses but some of these are very expensive for what is ultimately a bit of rubber!
In my case I had a few leaks around the area, the worst being my oil filter housing gasket - which are well known for failing on an M44 (sometimes can look like a power steering leak), my valve cover gasket was also leaking. Now that all of those have been sorted out I've only got one tiny weep to fix from the sump pan, but its such a tiny leak that I probably won't bother going through the effort of replacing it for a few more years.
Hope this helps.