The end is nigh for hereditary peers, whose inherited right to sit in the House of Lords is set to be stripped from them after the passage of a new law this week. The 92 remaining hereditary seats will be scrapped when the current session of Parliament ends, which is expected to be in May. But, for some, the end will be deferred after a compromise deal was struck that gives a select few a chance to board what one outgoing peer called the "hereditary lifeboat". The Conservatives have been offered the opportunity to retain 15 of their hereditary members by converting them into life peers, allowing them to continue passing laws until they choose to retire. Labour - which only has a handful of hereditary lords - has made the offer in return for the Conservatives agreeing to retire some of their existing life peers. Some cross-bench hereditary peers - who are not affiliated with political parties - are expected to be saved too. The prime minister has the ultimate say over who gets a seat in the Lords.…