You could also rent it out without windows.
But you're not allowed to (no kidding)
At the moment we are considering whether a larger bungalow with a basement living area (perhaps in the style of a granny flat) would be an option for us.
Sorry, but you're mixing up the options. If you don't have a slope or not a significant one, then you have to build your "house with a basement" correspondingly higher so that the basement as a living and usage level meets the appropriate requirements (windows, ceiling height). But even then, a basement becomes a full storey. And a bungalow becomes a house with a barrier, because of steps in front of the door.
A granny flat means one more parking space.
GF number
The floor space index refers to the living area of full storeys. Loft conversions can be done, but if there is no full storey, they don't count.
If you cleverly divide your 7 x 12, then you can make a parent floor in the 30-degree roof. Note that the ridge direction is prescribed there. So the roof is stretched over the 12 meters. I assume you don't necessarily need dormers since you have gable ends.