This Q&A raises the effect of the grant of an option and the impact it has upon owners of land under the Energy Performance of Buildings (England and Wales) Regulations 2012, SI 2012/3118 (the Regulations). The Regulations, SI 2012/3118 give effect to Directive 2002/91/EC of the European Parliament and of the Council of 16 December 2002 on the energy performance of buildings (the original Directive) and Directive 2010/31/EU of the European Parliament and of the Council of 19 May 2010 on the energy performance of buildings (the recast Directive). The 27th recital to the latter Directive states that a common approach to energy performance certificates (EPC) ‘will introduce transparency for prospective owners or users with regard to energy performance in the union property market’. An EPC is issued by an energy assessor, namely a person accredited by the Secretary of State for that purpose (the Regulations, SI 2012/3118, reg 2(1) and regulation 30 of the Building Regulations 2010, SI 2010/2214). It must contain specified