Paying rent and bills in second year

Hi everyone!

I'm just about to move into my house in Egham, but I'm having real issues with understanding the layout for paying rent. (My estate agency are proving a real pain, I keep calling/emailing but they say it's not 'their department', then never respond!!)

I am the lead tenant, therefore I am responsible for gathering rent. So, can I set up a joint account with myself and 5 other housemates, and pay for our bills/rent through this? (If so, which is the best bank to go with?)

A housemate freaked me out by saying that there are lots more cons to joint account than pros - is this correct?

Help!! Anyone who knows anything about being an adult and paying rent, I would greatly appreciate your support lol.

You need to read your tenancy agreement. Presumably you have some form of benefit for being lead tenant either reduced rent or choice of room?

Heres an article which explains a fair bit.
https://www.citizensadvice.org.uk/housing/renting-a-home/student-housing/students-in-private-rented-accommodation/student-housing-sharing-accommodation/

The pain is that its your responsibility in fist instance to make sure the LL gets paid the rent. That means you have to sort it out if anything goes wrong.

Five other housemates means 5 potential reasons for it to go wrong. What happens if one of them is late or tries to leave etc. You will be expected to make up the shortfall. Do you have enough funds to pay someone elses rent?

Not only that you appear to have taken on responsibility for all the bills as well.

Its not sensible imo.

http://www.gocompare.com/current-accounts/accounts-for-shared-household-bills/

My advice:

Have a house meeting. make sure they all pay in advance and know the situation you will be in if anyone defaults. TALK ABOUT IT NOW. You cant afford for it to o wrong. Maybe make sure the money is in the joint account a week before its due.
make it so it takes two of you to sign it out.

Theres no need for you to take responsibility for household bills. Ask the others to deal with it. They can take one bill each.

Alternatively you can sign up to something like split the bill where you pay a small fee and just remain responsible for your share.

https://www.splitthebills.co.uk/
https://www.gethuru.com/

I can almost guarantee someone will be late or miss a payment somewhere along the line. Unless for some reason youve taken on lead tenant and got something for it then I would adjust and make it a house responsibility.

For instance the joint account could require yours and one or two other persons signature. the others should be willing to help.