Similar to lovely only with an "r" added to it. Often used by people with certain accents. Or if you just like saying it, because it sounds cool.
Plus it's used in a song by The Clash...
Wasn't I lucky n' wouldn't it be loverly?
Send us all cards, an' have a laying in on a Sunday
Anything that could be called "lovely" ... instead is called "loverly".
Devon thinks that he origninated this word and wants to be paid royalties per use. It's okay... he can have his illusions.