Waleran was the second but eldest surviving son of William Walrond, 1st Baron Waleran, by Elizabeth Katharine Pitman, daughter of James Samuel Pitman, of Dunchideock House, Devon, High Sheriff of Devon in 1856. He succeeded his father as Member of Parliament (MP) for Tiverton in 1906, as seat he held until his death in 1915. He served as Secretary to the First Lord of the Treasury.