Conservative guy's house across the pond (4)
I believe the answer is:
crib
'house across the pond' is the definition.
(informal term for a residence in US English)
'conservative guy's' is the wordplay.
'conservative' becomes 'C' (UK political abbreviation).
'guy' becomes 'rib' (both can mean to tease).
'c'+'rib'='CRIB'
(Other definitions for crib that I've seen before include "which animals inhabit" , "Copy without acknowledgement" , "urban dwelling" , "Cradle - manger" , "Copy someone else's work" .)