Components on a 5718

Hi Everyone. This may sound silly but i have a 5718, Well its the family tractor and I am fixing the brakes on the tractor. I removed the seat to do some tidying and cleaning on her. Under the seat and to the RHS(Right Hand Side) of the seat as your driving it there are two levers. What are these Levers and What do they do?
Also there is a cap and under it is a huge magnet, is this for the hydraulic lift? Just curious.
Another Question while I'm here, the hydraulic lift is not lifting too well, it is not low in fluid but Is there anything that I need to know when I start ripping it apart. Any common problems I need to know. Thanks for your help. I will be grateful for any advice you have to offer.

I have a 5711 which I`m new to too,but I know the two levers to your right are: One nearest the mudguard-lift arms,up and down.One nearest you is for the hydraulic take off pipe,for trailers,log splitters etc.
And the magnet thing is a filter to get rubbish that comes in from using the hydraulic pto pipe from tipper trailers,log splitters etc!
Pretty sure this is correct.