I am not familiar with the British system of government. How does one qualify for a life peerage?
A drunken sodomite Lord has fallen into the Thames or been pushed by even his most jaded of sycophantic pederast hangers-on. An opening has been created in the House of Lords. The Prime Minister, the Chief Whip and the Cabinet count the donations and the advantage to the party of a short list of individuals. When the party coffers are suitably topped up (or the sufficient level of blackmail has been achieved), the individual's name is submitted to the Monarch for approval. The Monarch generally approves whatever appointment she is asked to, presumably with generous helpings of Tums.
An interesting point is that Church of England bishops are appointed in the same fashion...
Ever since Labour changed the rules in 1999, people can get “nominated” to the House of Lords. They removed the hereditary peerage and put in place political appointees — ok, these are mostly supposed to be people who done good, but it is really just political haves.