Student House Account

llinxx

Our Landlord has requested that we set up some sort of account for the rent money to come out of. Looking at some threads on here it seems a joint account is not the best idea and are kind of hard to set up what with us all living in different places over the summer.
So I was wondering if it'd be a good idea just to set up an account in my name and just make people set up a standing order to that account, or if anyone had any other ideas?

chambta

Your plan is much better, yes.

Your landlord doesn't much care where his money comes from as long as it does.

Herbalus

I always find that if someone else sets up the account in their name it is much preferable! I know that I will pay on time and not cancel the standing order, and I only think that the others will pay me. Though of course someone has to do it.

Each situation is different.

If you have concerns about standing orders, as they can be cancelled, why not get people in your house to sign dated cheques? They can't be cashed until the date.

A more complex idea is to get the whole house to sign dated cheques for the whole year and then give them to the landlord in one envelope. I can understand why he would want the payments to come from one account, but he can't insist on it.

CLAPTON

cheques can't be post dated ... against Bank rules: so if landlord cashed them, then the bank would honour them

Herbalus

CLAPTON wrote: »

cheques can't be post dated ... against Bank rules: so if landlord cashed them, then the bank would honour them

really? interesting. My flatmate's parents did that for him 2 years ago. Not sure how they would have felt if the landlord had cashed nearly £5k all at the same time...

llinxx

Thanks for your help guys! I'll head down to the bank tomorrow and sort everything out.

Lokolo

That is a good idea, HOWEVER it may be wise if you can ask your landlord if you can be lead tenant on the deposit information, so at least when it comes to the end of the tenancy, you get some clawback from any unpaid bills.