The peerage was originally proposed for his grandfather Sir George Carteret, 1st Baronet, a celebrated royalist statesman, but he died before he was granted the title and as his eldest son, Philip, predeceased him, it was eventually bestowed on his grandson, George, with remainder to the latter's brothers.
The Baronetcy, of Metesches in the Island of Jersey, had been created for George Carteret in the Baronetage of England on 9 May 1645.
However, the late Earl Granville bequeathed his lands to his nephew the Honourable Henry Thynne.
he was the second son of Lady Louisa Carteret by her husband Thomas Thynne, 2nd Viscount Weymouth.
Under the terms of the legacy, Henry Thynne assumed the surname and arms of Carteret instead of his patronymic and in 1784 was raised to the Peerage of Great Britain as Baron Carteret, of Hawnes in the County of Bedford, with the remainder to the younger sons of his brother, the Marquess of Bath.