How to recondition a walnut steering wheel?

[StevenWilliams]

I need some advice.

I have a walnut and sandstone steering wheel that I purchased for £30 from a breakers. The problem is the leather is not in the best condition and it has a slight chip on the laquer.

I'm looking for advice on how to re-colour and finish the leather and what laquer to use to fill the chip.

Due to a recent redundancy I don't want to spend a load of money doing this. I've heard that you can re-paint the leather but I wouldn't know what products to buy.

all help is appreciated and I'll post pictures as the work progresses.