Charm possessed by us, after hair recedes (7)
I believe the answer is:
enamour
'charm' is the definition.
(I know that charm can be written as enamour)
'possessed by us after hair recedes' is the wordplay.
'possessed by us' becomes 'our' (I've seen this before).
'after' means one lot of letters go next to another.
'hair' becomes 'mane' (mane is a kind of hair).
'recedes' says the letters should be written in reverse (I've seen 'receding' mean this).
'mane' in reverse letter order is 'enam'.
'our' put after 'enam' is 'ENAMOUR'.
(Other definitions for enamour that I've seen before include "Our name (anag)" , "entrance" , "Enchant" , "sweep one off one's feet" , "Fill with love" .)