North London district houses old, entitled fellow (7)

I believe the answer is:

baronet

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'fellow' is the definition.
The definition and answer can be both people as well as being singular nouns.
Maybe there's a link between them I don't understand?

I don't understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for baronet that I've seen before include "One's entitled" , "A Bronte (anag.)" , "Nobleman" , "Titled man" , "Aristocrat" .)

I've seen this clue in The Times.

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