Thanks for all the comments, will try to reply to all points
@LondonGirl83 - I agree, "decent" basement conversions can easily cost over £100k (that's what the 'London Basement Company' quoted without a site visit) but because the solution the architect is proposing doesn't involve underpinning it should be less risk. We have gone around and seen the basement he created in a neighbouring borough for £30k without lightwells which included a utility room so know that it's possible (although I'm not sure what type of cellar they had before the work started).
The water table and sewage are a concern though, the only thing which gives me any comfort is that I know a house two doors down has a basement so the problems hopefully wouldn't be insurmountable. But I do agree, we just won't know what the problems are until we start and it's a lot more hassle than doing the loft...
And I should have mentioned, when we originally renovated the house we had to re-do the roof joists so have already got all the structural RSJ's up there as well as a separate electric circuit (with lights) and we brought the hot/cold feeds up and have capped them off - all of which is bringing the cost of the loft down but I appreciate we need to get proper quotes to validate all of our thinking.
Seems like everyone is saying that you can use the eaves for storage, but another area to store bigger things might be a good idea. Unfortunately we don't have a big enough garden to put in a storage loft (damn london postage sized back gardens)
We were thinking that rather than doing the bathroom within the loft, we could try for planning permission to get a new bathroom on top of the existing rear extension (where the stairs would logically 'turn' to get up to the loft) which would mean that the top bedrooms could access that one.
We already have four bedrooms, so I'm not sure that the fifth will really add that much more value - it's a good point to consider for the money and hassle we'd be going through.
I think we'd want a loft conversion with a dormer window at the back with some juliet balconies and a velux or two on the other side if the conservation team would allow it.
@PrimalLass - love the eaves storage ideas on your pininterest link, have given me lots of ideas!
@staverton - do PM me and let me know how you get on, where in the UK are you out of interest?
@janey1234 - will PM you for your heating/cooling unit, am very interested to hear more!
Thanks for all the comments - would be grateful for any more!