Depends when it was installed but it would be contrary to the regs now.
A 3 post valve would give you better control over the hot water and heating.
2 x 2port would do the same, and in either case make the boiler/system much more efficient.
Thanks mate, is that a big job then? as i say im clueless to all this, what would it cost for parts and fitting would you say roughly to get it all up to good modern standards?