Personal time wanted in residential area (3)
I believe the answer is:
own
'personal' is the definition.
(eg one's own possessions are personal possessions)
'time wanted in residential area' is the wordplay.
'time' becomes 't' (abbreviation).
'wanted in' indicates named letters should be taken away (want can mean to lack).
'residential area' becomes 'town'.
'town' with 't' taken away is 'OWN'.
(Other definitions for own that I've seen before include "Private" , "Be in legal possession of (3)" , "Keep" , "Allow" , "Possess - recognise - admit" .)