Silver in residence maybe what the lord’s demanded? (6)

I believe the answer is:

homage

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'what the lord's demanded?' is the definition.
I can't tell whether this definition defines the answer.

'silver in residence' is the wordplay.
'silver' becomes 'Ag' (Ag is the chemical symbol for silver).
'in' indicates putting letters inside.
'residence' becomes 'home' (home is a kind of residence).
'ag' going into 'home' is 'HOMAGE'.

'maybe' acts as a link.

Can you help me to learn more?

(Other definitions for homage that I've seen before include "Formal expression of respect" , "Acknowledgment of superiority" , "Due respect" , "Public honour and respect" , "Honour or respect shown publicly" .)

I've seen this clue in The Times.

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