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You certainly get another lord in due course, whether it takes any longer because you've rejected one I have no idea.
 
Do you get any Lord offers if none of your four "lord slots" is vacant?
In other words: is it mandatory to have an open slot for your lords to get any chance of a high tier lord?
 
Once they are full you get no more offers. You'd have to dismiss one first.
 
Thanks for the reply. Well, it's kind of hard to dismiss one of your lords if you do not know when you get an offer to replace him/her.
I would prefer that you still get offers even if all your slots are filled so that you can decide which of your beloved veteran Lords has to retire (to rest his shatterd bones) - well in the sequel.
 
That's reasonable, but I like it this way for two reasons: better heroes appear over time, so this way makes for an interesting decision, where you must decide you want to pass on later heroes to get and develop the early ones, OR pass on some early ones, making your game slightly harder but leaving slots for the good ones later. If you could always get offers then there would be no real downside to always accepting every hero, which is less interesting - I like that there might be some late-game hero that I've never even seen! Also, once I have four heroes that I am happy with, it's nice that the game stops bothering me about it.