As I mentioned earlier, because the composition of the House of Lords doesn't change after a general election, the election of the Lord Speaker is not tied to the parliamentary timetable. The first election took place basically when the House was ready, when the arrangements had all been agreed.
What the committee recommended, and was agreed to by the House, was that the election should be for a five-year period and, rather like the President of the U.S.A., there should be a maximum of two terms per Lord Speaker. In fact the first Lord Speaker, Baroness Hayman, decided to stand down after five years. But it's basically on a five-year cycle.
What I would expect to happen is that the next election would take place in July 2016, with the successful candidate taking over probably in September. In fact in 2006 the Lord Chancellor left the woolsack immediately after the results had been announced, and the successful candidate took her seat immediately. But in future we would do it on a five-year cycle with the election in July, taking effect after the summer break.