Tenants’ Rental Accounts Closure

Welcome to Home Relief Bulletin Board!

Post No. 252

by Your Freelance e-Property Letting Agency

How to successfully close your rental accounts as an outgoing tenant 

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 or terminate their agreement for other legally acceptable reasons.

~ End-of-tenancy rental accounting responsibility by tenants

Often, when a tenant signs up for a long-term rental agreement (such as a 6 months to 18 months assured short hold tenancy), they will be responsible for the payment of bills (e.g. gas, electricity, water rates, council tax, TV licence, phone. internet broadband, etc.) as well as the organisation of the way those bills are paid. If these bills are inclusive of rent; then they are paid when the rent is honoured.  

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 than putting emphasis on accounting aspects of accounts closure.

~ 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 challenging time of the rising costs of living to the extent that asking someone else to audit your end-of-tenancy accounts could be an extra expense to bear.

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 (including internet broadband), community charge (council tax), TV licence, etc.

√ Establishing all your real incomes to cover your rental commitment for the tenancy period, using the referencing criteria

√ Tracking of rental expenses including rent payments and inflation-adjusted expenses because of the rising costs of living

√ Close all the balances on these accounts

√ Checking if there are in credit (someone else owes you) or in debit (you owe someone else)

√ Verifying if there are any missing outstanding amounts or debts from you part

√ Analysing your rental accounts if there is any surplus or deficit

√ 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, voice records, films, inside and outside property pictures, rental 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 all, enjoying a hassle-free tenancy closure and peace of mind.

~ Need help to close your rental accounts

Need help to close your rental accounts, please e-work Home Relief this week.

Need to check about rental accounts already set up, please also e-work Home Relief this week.

~ Looking for an affordable location and home

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

For properties to rent and let, please go to https://homerelief.co/property-search/

For weekly property news and updates, please read our weekly posts.

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.

Many thanks!

Home Relief – Freelance e-property people dealing with affordable homes


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