Welcome to Home Relief Bulletin Board
Monday 06 July 2020
by the Property Team
Post No. 148
Rental Accounting Responsibility: Accounts Closure
How to successfully close your rental accounts as an outgoing tenant as the lockdown eases
This week, as part of Summer Help to Rent, we are working with home seekers and outgoing tenants on the best possible way of closing their end-of-tenancy or rental accounts. This Help to Rent will also include those tenants who have decided to move out because of the current difficult situation caused by Covid-19.
Often, when a tenant signs up for a long-term rental agreement (such as a 6 months to 18 months assured short hold tenancy), generally speaking they will be responsible for the payment of the bills (e.g. gas, electricity, water rates, council tax, TV licence, phone etc.) as well as the organisation of the way those bills are paid.
Depending on who is their landlord/lady or letting agent, tenants may or may not get help to close their rental accounts at the end of the tenancy or if both sides of the rental process (landlords/ladies and tenants) decide to end their agreement early. There are resources on how a tenant can terminate their tenancy. These resources mostly cover the legal side of the contract in matters such as notice to vacate.
The financial side of closing a rental agreement from the tenants’ perspective
In this week’s Help to Rent, we are going to deal with the financial side of terminating or closing a contract from the tenants’ perspective. If you have already been a tenant and you have experience on closing your rental accounts; that is fine.
However, if you do not have experience in doing it, this could be a new area of learning. Some tenants can easily handle their rental accounts from the opening to the closure, while others may find it difficult, especially in the rental environment where there is constant change. That is why we are organising this activity to support them, particularly during this difficult time of Covid-19 side effects and controversial easing process of lockdown.
For those who have not been in the process of closing their rental accounts before and those who are finding it hard to close their rental accounts, we are working this week to support them in this area of rental accounting responsibility.
Help to successfully close your rental accounts
Working together with renters to close the rental accounts they first set up at the start of their contract will include the following activities:
√ Listing all the rental accounts that made their tenancy period
√ Identification of rental payments related to utility and telecoms suppliers, community charge (council tax), TV licence etc.
√ Establishing all your real incomes to cover your rental commitment for the tenancy period
√ Tracking of rental expenses including rent payments and Covid-19 expenses
√ Close all the balances on these accounts
√ Checking if there are in credits (someone else owes you) or in debits (you owe someone else)
√ Verifying if there are any missing outstanding amounts or debts from you part
√ Dealing with rental accounts online and offline
√ Finding out any accounting and financial mistakes done in handling your accounts
√ Reviewing rental budget including money puts aside for potential damages and repairs
√ Looking at any evidence in the form of receipts, bills, invoices, financial statements, videos, text messages, guides and tools that helped tenants to effectively and efficiently manage their rental accounts
Benefits for a good rental accounts closure
There are benefits for properly closing your rental accounts, benefits which include:
√ Reduction and avoidance of potential conflicts with your landlord/lady or their agents
√ Saving money with companies supplying services to your next rental
√ Protection for your deposit
√ Safeguarding your reference and credentials
√ Keeping secure your credit scores and check file and profile
√ Avoiding frictional and confrontational moving out
√Above enjoying a hassle-free tenancy closure and peace of mind
Need help to close your rental accounts, e-work Home Relief this week.
Need to check about rental accounts already set up, e-work Home Relief this week.
If you are looking for an affordable location and home, Home Relief is the people dealing with affordable homes you could consider in your property searches and enquiries.
For more information about our property service to home buyers and tenants, please go to https://homerelief.co/tenants/
For more information about our property service to home sellers and landlords/ladies, please go to https://homerelief.co/landlord
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Thank you for reading this post.
We look forward to receiving your regular visits to Home Relief website and to doing business with you throughout the year.
Home Relief – freelance e-property people dealing with affordable homes