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A proper loft conversion job would be to use an "inbetween and under" technique (all with rigid isulation board) with a 50mm air gap between outer face of insulation and the membrane/felt. Probs requiring the rafters to be built up to accomodate required thicknii. Also requiring a vapour control layer. Kingspan are evil but their tech pdfs are useful for build ups.
If you're just looking to improve the warmth of the loft a multifoil product like Triso Super 10 stabled to the joists might be a way to go resulting in a big shiny nasa space cave.. ;-)
oh. ventilation sucks.
consider it and then ignore it?