As mentioned before...I try to avoid vertical ducts...any condensation could run downwards. Also horizontals should slope downwards to the exit for the same reason.
Sometimes it can't be avoided...in which case keep the vertical as short as possible and insulated well (then cross fingers and toes).
Don't forget, if you put the box in the unheated loft, you'll need to insulate it too. Otherwise it'll loose a big chunk of any pre-warming. Some come with built in insulation but more is better.
If there's any risk of sweaty bathroom air entering the loft, probably ought to insulate the cold pipes too. Though tucking everything under 12" of rock wool will solve a lot of that.
If going the duct/separate unit route, if there is space anywhere to hang it below the ceiling (airing cupboard?) that will make checking filters easier it will be more likely to get done.