That means it is either the V4073A or the V4044C.
Which?
The difference between the two valves is that the V4044C can open either the left port or the right port, while the V4073A has a mid-position, so both ports are open.
You say you have an LP522. This should have
six terminals: N, L ,1 ,2 3 and 4. Terminal 1 is HW OFF, 2 = CH OFF, 3= HW ON, 4= CH ON.
If you have the V4044C then you just need to connect to terminals 3 and 4 (and L and N of course), as advised by Drayton.
If you have a V4073A, you should also have a wire connected to HW OFF (terminal 1).
The Switchmaster 400 does not have a HW OFF terminal, so you may have the V4044C valve.
But if you have theV4073A valve, someone has cannibalised the wiring to make it "work" with your SM400. This would explain why you have to have HW on when the CH is on.
Come back with the info about your valve and you will be told how to wire it so you have CH and HW separately.