our leases require us to have a constant emergency fund in place (currently we pay our freeholder annually and they hold the funds.) Though we could change the leases on this point, we also think it’s wise to actually have an ongoing fund - including for things like insurance - rather than rely on finding that money as and when, in case there’s issues. The leases and other documents might have liability clauses, but having an ongoing shared fund is a way to ensure that the actual requirements are covered and might actually be a bit less burdensome as we could set up a monthly pay in rather than how we have to do it currently which is one big annual sum. My co-owner and I get on well but this isn’t necessarily guaranteed in the future (and there could be new owners) and so this is a way of avoiding issues down the line. As evidenced by my conversation with a few other people in this situation, not having centralised, ongoing funds means that there’s a real risk that things aren’t covered (beyond the basics) and only litigation will resolve it.
If we we’d set up a company we could have a suitable bank account but as we aren’t, it seems a bit trickier. Hence asking how people do it and whether there’s a way other than “joint bank account” or “hope that the other person has the money when needed”.