First home with it meets one by a lake (7)
I believe the answer is:
initial
'first' is the definition.
(similar in meaning)
'home with it meets one by a lake' is the wordplay.
'home' becomes 'in' ('he's home' can mean 'he's in').
'with' is a charade indicator (letters next to each other).
'meets one by' becomes 'i' (I can't explain this - if you can you should give a lot more credence to this answer).
'lake' becomes 'L' (geographical abbreviation).
'in'+'it'+'i'+'a'+'l'='INITIAL'
Can you help me to learn more?
(Other definitions for initial that I've seen before include "First letter of a name" , "Occurring at the beginnng" , "Sign" , "Let; rent" , "Endorse" .)