How are you trying to edit a location, and what happens when you try?
Lightroom 5.0 has the same capabilities as Lightroom 4.x, with the addition of a new option which now allows the user to add GPS coordinates.
If you are new to Lightroom completely, do not expect Lightroom to have all the options and features that Lightroom Classic has. It'll be a while before that will happen (if ever, as initially at least Lightroom is aimed at a different audience than Classic).
Select an image and open the "Info" tab ("I" icon bottom of the right-hand toolbar). That opens the Info panel, which includes the various Location fields. All of these are user-editable. Lightroom also has a location look-up feature which operates whenever there are valid GPS coordinates already in the image (and which with LR 5.0 can now be entered manually).