Parents meeting Conservative legend? (4,5)

I believe the answer is:

folk story

'legend?' is the definition.
(thesaurus)

'parents meeting conservative' is the wordplay.
'parents' becomes 'folks' (I've seen this in another clue).
'meeting' means one lot of letters go next to another.
'conservative' becomes 'tory' (Tory means a member of the Conservative Party).
'folks'+'tory'='FOLK STORY'

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