A system and method allows the operation of a remotely located tool in an application where there is a telescoping space out joint in such a manner that the hanger need not be released. A hydraulic piston is surface actuated to move gripping teeth against the pipe and then take the pipe with the gripping teeth so that a tool that is engaged by the string can be remotely operated while safety features for the well can remain operative. The shifted position is held with maintained control line pressure. Some release of the control line pressure will not allow the operating piston to return. Rather, a check valve holds the shifted piston position until a differential pressure on the check valve drops to a predetermined value so that the check valve acts as a dump valve. The system operates off annulus pressure if the control line is damaged.