House of experts
Originally, the HoL was a house of the people from the three major areas of expertise: miltary, property owners, church.
Now life is more complex, we should adjust it back where it was: all institutions concerned with economic activity (find a better definition) like mentioned above, but including Musician's Union, IoD, claimants union, etc, - the most important characteristic being experience - should be entitled to choose a (one) lord by their favorite method. Said lord may be engaged on their favorite terms - eg "til death do us part", for one year, until arbitrarily dismissed, with heredity or whatever - the most important characteristic being diversity. (Granny always told you not to put all the eggs in one basket!)
I am sure it is not beyond the whit of man to describe this better than I have, but you get the general idea.
And yes, anyone with the slightest taint of politics should be jailed^H^H^H^H^H excluded.