Mislay sole layout (4)
I believe the answer is:
lose
'mislay' is the definition.
(I know that mislay is a more specific form of the action lose)
'sole layout' is the wordplay.
'layout' indicates anagramming the letters (an alternative layout of the letters).
'sole' with letters rearranged gives 'LOSE'.
(Other definitions for lose that I've seen before include "Mislay - fail" , "Be beaten" , "go down" , "Fail to keep" , "Cease to have" .)