Hanging underneath leg, sway (2,4)
I believe the answer is:
on hold
'hanging' is the definition.
'underneath leg sway' is the wordplay.
'underneath' says to put letters next to each other.
'leg' becomes 'on' (cricket term, fielding positions).
'sway' becomes 'hold' (both can mean influence or power).
'on' put next to 'hold' is 'ON HOLD'.
(Other definitions for on hold that I've seen before include "Waiting to be connected" , "Left pending" , "In a state of postponement" , "Waiting for connection (telephone)" , "waiting for reply" .)