The most common and most likely answer to this crossword clue is the 5 letter word THORP
T
H
O
R
P
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The straight part
We know that "Old village" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case old village = thorp.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does THORP mean?
THORP noun- (now chiefly in placenames) A group of houses standing together in the country; a hamlet; a village.