[2] In 1727 Walcot purchased the manor of Bishop's Castle from his uncle, the Duke of Chandos, for £7,000, and so acquired the chief electoral interest there.

[2] Ignoring Chandos's advice, Walcot was returned as a Tory Member of Parliament for Shropshire at the 1727 British general election.

Although he did not stand again at the 1734 British general election, he continued to support his interest at Bishop's Castle, which put him further into debt.

Before the 1747 British general election he borrowed £8,500 from his banker, Samuel Child, who was standing for Bishop's Castle.

He was forced to hide from his creditors, leaving his son and lawyer to sell his property Walcot Hall to Lord Clive for £92,000.