Huge amount of money, no idea wtd with it

[PootLevato]

Looking for some help please, I lost both my parents before I turned 20 and inherited the family home. I don't really have anyone to ask about money so thought I'd ask here.

I'm now in the process of selling the house and have an offer for £560,000. I've found a property I like and have put in an offer for £340,000.

Obviously there's going to be an awful lot of money left over once it all goes through and I have absolutely no idea what to do with it.

I guess the obvious thing to do would be buy more property but I don't really want the responsibility of being a landlord.

I agree with the above but you should speak to a professional so you get the best advice for your personal circumstances. Lots of advice here: www.cisi.org/wayfinder

From a risk management and wealth preservation point of view you should think about diversifying your wealth. The house sale means you can move away from having all your assets in property.

A good adviser will talk to you about different asset classes and risks. Movements in the values of different types of asset classes (e.g. property, shares, bonds) are not perfectly correlated so having a spread of assets means when one class struggles, the value of others should hold up.
Check out the Monevator blog and this book : Tim Hale, Smarter Investing.
Both helped me demystify this area.
And yes yes to trying to find an adviser by recommendation, I work in a related sector where we see some shocking investment advice.

If you can't find a recommendation try a chartered financial planner and trust your instincts as to whether you feel comfortable with them.

I'm sorry for your loss

As others have said, get advice from an independent financial advisor, and don't rush into anything. Until you decide what to do with the money split it between different banks. And definitely make a will.

We used chase de vere, advisor was worth the money as they look at the whole market. I also had good advive from Hargreevs landsdown (hl) so both are good options. Although HL is more of a restricted advisor. I also did a course with fielding financial for property management. My view is that IFAs are more cautious about any form of BTL. However in the name of diversity i wanted to do some property.

Sorry for your loss.

There must have been other Executors of your Parents' Wills. Would they be good to go to for advice?