The son of Sir John McFarland, 1st Baronet, he was a businessman, a Senator of Northern Ireland, Mayor of Londonderry (1939 and 1945–1950), Lord Lieutenant of the County Borough of Londonderry (1939–1975) and an Ireland rugby union international (1920–1922). He succeeded to his father"s title in 1926.
Born in County Londonderry, Sir Basil was educated at Bedford School and also in Brussels and Neuwied-on-Rhine, Germany.
Sir Basil was High Sheriff of the City of Londonderry, 1930–1938 and 1952, High Sheriff of County Londonderry, 1952. He served in 1918 with the Artists Rifles, and in the Second World War served overseas, mainly in North Africa, with the 9th Londonderry HAA Regiment and was Mentioned in Dispatches. McFarland was Honorary Colonel of the 9th Londonderry HAA Regiment of the Royal Artillery (TA), and President of the Northern Ireland TA and Volunteer Reserve Association, 1968–1971.
His directorships and business interests included: directorships of the Belfast Banking Company Limited, 1930–1970, the Belfast Bank Executors Trustee Company, and the Donegal Railway Company, a local directorship of the Commercial Union Assurance Company, and the chairmanship of Sir Alfred McAlpine & Son (Northern Ireland) Limited, the Londonderry and Lough Swilly Railway Company, Lanes (Derry) Limited, Lanes (Fuel Oils) Limited, Lanes (Business Equipment) Limited, John West. Corbett & Sons, Roman Catholic Malseed & Company
Limited, Alexander Thompson & Company Limited, and the Londonderry Gaslight Company
He was Commanding Officer of the Londonderry City Battalion of the Home Guard, Chairman of the Territorial Army and Auxiliary Force Association (Company Londonderry), 1947–1962, and a member of its national Council. He was a Commissioner of Irish Lights, an original member of the Northern Ireland Unemployment Assistance Board (to 1939), a Senator in the Parliament of Northern Ireland, 1945–1950, a member of the Northern Ireland Air Advisory Council, 1946–1965, Chairman of the Londonderry Portuguese and Harbour Commissioners, 1952–1967, a member of the London Midland Area Board of the British Transport Commission, 1955–1961, and a trustee of Magee University College, Londonderry, 1962–1965.
