Foxtons holding depost

[heebs]

Hello

I have 4 tenants sharing a house...foxtons found them and kept their deposit.

since then as i have another property i recently let out i signed up with 'mydepsoits' insurance scheme and paid nearly £60 for annula membership

to make paying this worthwhile i would like to take over the deposit held by foxtons

please could any of you more experienced LL let me know what rights i have to ask for the deposit back from the agent. Do the tenants have a deciding vote in this as 2 of the 4 want to leave before the end of the year and will find me replacements...i would rather take back the deposit from foxtons and register the deposit with the names of the new replacement tenants.

i really want this deposit handed to me so i can insure it with my registered scheme

please advise...thanks

[GPEL]

Check your terms of business with Foxtons. The deposit is the tenant's money whoever thinks they can hold it. It's highly likely Foxtons tenancy agreements are written around them holding the deposit, you giving them power under the laws of agency, in which case you're unlikely to get them to re-write the tenancy agreement to suit you for an existing tenancy, registered under the deposit scheme by them. Plus you'd then need to prove you've registered it as the agent would still maintain liability - you'll enter a minefield and get blown.