It's right under the settee - until now (2,3)
I believe the answer is:
so far
'until now' is the definition.
(both can mean up to the current point)
'it's right under the settee' is the wordplay.
'it's right' becomes 'r' (abbreviation).
'under' says to put letters next to each other (below, in a down clue).
'the settee' becomes 'sofa' (I've seen this in another clue).
'r' put after 'sofa' is 'SO FAR'.
(Other definitions for so far that I've seen before include "to a certain degree" , "till now" , "Up until the present moment" , "To this point" .)