I'm no expert but I've an idea what it is. It's a 242 right? There is a valve/actuator thingy fairly central behind the panel. There is a pressure activated lever emerging from it, which should actuate a red microswitch within a few seconds, but it takes ages on knackered actuators, and you can watch this lever arm inching slowly towards the microswitch. You won't get hot water until it activates the microswitch, I suspect you're waiting 30-45 seconds for water? Sorry not to be technically accurate, others may give a better explanationj, but have a look with the panel off, identify the actuator/lever/microswitch assembly then get someone to turn on the hot tap and see how long it takes to work. Solution? Probably get a new atuator assembly, it may be all corroded/scaled up anyway.
PS. If you search for uk.d-i-y on Google ( search for 'Google groups' using the options provided on Google's page ) you will get the uk.d-i-y archive, and youcan search within this for more info on this problem, it has come up within the last year at least once I believe.
Andy.