There are offers or potential offers on most decent buildings in District V, (particularly if the design of the building is attractive), from various loft companies. Most of them fail before contracts are drawn up due to residents not being amenable (older residents tend to hate the noise/dust during the process), poor reputation of the company, financing issues, etc.
Which number on Veres Palne? In 2006, there was an excellent conversion on the corner of Szerb utca, which dramatically changed the appearance of this intersection.
What typically happens is that the developer is given permission to build new apartments on an additional level or two and they will renovate the entire building - facade, interior courtyard, staircase and (usually) install a modern lift. In District V, most loft conversions are luxury, so loft companies tend to make an extra effort with the building, so that it attracts buyers of its new properties (typically 600,000-1,000,000 HUF/sqm). Practically speaking, it's a good idea to make sure that the electricity, gas pipes, plumbing, etc. has been renovated in the building before this would take place. Most house managers will have considered this.
I've been involved as an owner in several of these projects and have been lucky so far, but I have also heard of some more difficult projects, where financing falls through, residents cause a project to stop or where the developer changes the goalposts of the project.
Yes, residents effectively need to be 100% behind the project.
Is this a mere proposal by a developer company or is the house serious about drawing up contracts?