3 things to consider:

1. wheel dia.
Most of the time this will work. 700c rims are a little bigger the 27". But the tires are usually smaller and 27" bike forks usually have tons of room between tire and crown - same goes for the rear wheel.

2. hub width
The front hub width has remained the same for many decades. However, in the past 20 years the rear hub widtth has increased from 127 to 130cm. I can't be sure if older pre 1970's bikes are narrower yet. This is due to moving from 5 to 10 cogs in the back over the years. I easily put a newer 130cm, 9 speed wheel on my older 127cm 7 speed bike. I moved the 7 speed cassette to the nine speed wheel and used a spacer to align it. Works perfect.

3. rear cogs
If your Lotus has a freewheel now you will have to get the corrosponding cassette (I assume the wheels you want are newer cassette hub type) If you have 5 or 6 speeds now I'm not sure if a cassette was made or available. I'm certain 7 to 10 speed cassettes are available. If it has a cassette install on new wheel with a spacer.

Ebay is a good place to pick up cassettes etc.