When Edward IV came back and took over the throne again , Edward became his heir and was given the title `` Prince of Wales '' . Edward IV thought it would be right for the Prince of Wales to rule Wales , so he sent little Prince Edward to live in Ludlow Castle , where the Council of Wales met . Edward was created Prince of Wales in June 1471 , following Edward IV 's restoration to the throne , and in 1473 was established at Ludlow Castle on the Welsh Marches as nominal president of a newly-created Council of Wales and the Marches .