Apart from the motorised valve, it could just be that there's a major air-lock in the system. Start with the lowest radiator in the house, working up, and bleed all the radiators to try and chase any air out of the system.
Also, the pump might be knackered/sticking, etc. The pump circulates the water around the radiators but it's not needed for the hot water as the hot water gets to the hot water tank using convection, hence the hot water is still getting hot and the radiators are not ........... in short it could be any one of a number of things .........