Peer outside entrance to Lords in coat (5)
I believe the answer is:
glaze
'coat' is the definition.
(glazing is a kind of coating)
'peer outside entrance to lords' is the wordplay.
'peer' becomes 'gaze' ().
'outside' means one lot of letters goes inside another.
'entrance to' says to take the initial letters.
The initial letter of 'lords' is 'l'.
'gaze' placed around 'l' is 'GLAZE'.
'in' acts as a link.
(Other definitions for glaze that I've seen before include "Fit panes of glass to" , "Glossy coat" , "become unfocused?" , "very smooth surface" , "Pottery coating" .)