Mole takes holiday by lake perhaps (10)
I believe the answer is:
breakwater
'mole' is the definition.
('breakwater' can be a synonym of 'mole')
'holiday by lake perhaps' is the wordplay.
'holiday' becomes 'break' (I've seen this before).
'by' means one lot of letters go next to another.
'lake perhaps' becomes 'water' (lake is a kind of water).
'break'+'water'='BREAKWATER'
'takes' is the link.
(Other definitions for breakwater that I've seen before include "mole" , "Groyne" .)