The 27-year-old has joined the Shaymen on a short-term loan until January, when the move will automatically extend to the end of the season.
Walshaw was signed from Guiseley by Mark Cooper in May after he finished top scorer in the Blue Square North last season.
Formerly with Ossett Town, Wakefield and Farsley Celtic, Walshaw made a big impact with the Lions in his first season, winning the league player of the year award, before finishing top marksman in 2010-11.
But he's struggled to establish himself in the Conference this season, scoring three goals from 18 games.
Walshaw follows in the footsteps of Michael Brough, Greg Taylor and John Campbell, who have all left the Northern Echo Arena in the last fortnight.
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