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' (common abbreviation).
'under' means one lot of letters go next to another (in a down clue, some letters go below others).
'the settee' becomes 'sofa' (I've seen this in another clue).
'r' 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" .)