Planning and aesthetics aside, indeed it is although the insulation added to the roof during the build may need to be beefed up a little to compensate.
Just for further clarification, you will end up with a highly glazed loft extension not a conservatory in your loft. You may use it as a conservatory but on paper it will be defined as a loft extension. Its not hard to get it to comply with the regs and heat, just needs consideration during the design. Added value and aesthetics are site specific.
As already stated, what you will end up with is something akin to a first floor orangery.
I can envisage a lot of difficult building processes along the way, but with consideration and a skilled contractor it could work, provided you can get it past planning.
What you will need is a good architect, plenty of patience and absolutely bags of cash.
In my opinion, it would make make more sense to create some kind of balcony with large patio style doors incorporating a solid roof as opposed to anything glazed.
IIRC they did something similar on Grand Designs, although it was an Architect who had a bought a scheduled ancient monument in a AONB. It looked pretty cool when it was finished, although it wasn't a bungalow, it was about 4 or 5 storeys up so the views were absolutely spectacular.
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