Do it.
Just finishing/finished my placement (extended my contract over summer for more £££). I've got experience which is going to help me dramatically when I graduate, and better yet i've met some good contacts in a major international chemical company. Not to mention it's generally much more engaging than sat in lectures.
Placements - it will depend on the university exactly how they run, i've heard of universities that try and set you up with places themselves. Most universities though operate in a "go forth and apply, come back when you have something" manner. So, you just go and apply like any other normal job. Companies have specific programs for industrial placements usually, or with smaller companies it might be less rigid but you can always enquire with a speculative CV if there's something you're interested in. The university will offer some support in getting your CV sorted during first or second year/go and see the careers service.
Placements are everywhere and anywhere, so depends where your university is located. If you're really desperate then just apply to the ones nearby, but let's face it, you're heavily limiting your options. Get out, see another part of the country, and then you have the freedom to apply to the areas that most interest you (i.e. organic synthesis, polymers, analytical chemistry...).
You get paid, but try and save a few hundred quid in second year for a deposit or initial rents, for somewhere to live. Once you're there then your rent comes out of your wages easily enough. Rather than renting, i'm just a "lodger" in someone's home, and it's way cheaper and easier for me. I got paid minimum wage [Derbyshire], but my housemate brought in 19k [Oxford] - slightly higher living costs, but even still, there's a range of salaries. Out of ~13.2k or whatever it is, i've saved about 3k, so don't worry about it not being enough.
You will be at a disadvantage not having a driver's license for some companies. Lots of chemical companies are based just outside of cities, or industrial estates away from the main routes. If your parents are in a position to help (or you have savings) then i'd consider doing driving lessons during A2. I think there's a whole bus an hour where my company is. If not. just be smart about where you can live, i.e. get something that's walkable - OR, a colleague of mine can't drive but he really enjoys cycling. If you're willing to cycle or something then that's one way you can spin it to not be a concern.
The accommodation can vary depending on the company. I had to just sort mine out. Couple of places where course mates have gone have provided little cottages or houses where all their students on placements are living.