Official home for bishop wanting a post (5)
I believe the answer is:
place
'post' is the definition.
(I know that post can be written as place)
'official home for bishop wanting a' is the wordplay.
'official home for bishop' becomes 'palace' (a bishop might live in a palace).
'wanting' suggests deleting specific letters (to want something can mean to lack it or need it).
'palace' with 'a' taken away is 'PLACE'.
(Other definitions for place that I've seen before include "Spot" , "Locate" , "Venue" , "Locality" , "Site" .)