Tranction Control & ABS lights

[Gorseend]

Dear All,

I am seeking the correct order in which to perform diagnosis as to why my traction control and ABS lights are constantly on, I have a BMW 525I E39 (2001).

The lights both intermittently flashed on about 2 weeks ago for about 5 seconds then cleared. I subsequently went away on business and left my car at the office for 5 days. Upon my return driving home the traction control and ABS lights (orange) came on an the brakes were lightly applied, even after restarting the car the brakes were still being lightly applied and I HAD to drive home (both front disks were very very hot when I reached home). I can now drive the car without the brakes constantly being on. I subsequently took the car to the garage who advised car has a fault code for 'inlet valve in the ABS modulator' and requested 260 pounds sterling to perform further checks and advise if new modulator required it would cost 1870 pounds. My questions are:

1) Could it be the speed sensors and how can I clean or check them, I think there is one on each front wheel?
2) Can I remove the ABS modulator and still drive the car safely without ABS, while I get it fixed?
3) How can I reset the error codes as the breaks are no longer stuck on?

If anyone can answer and provide on-line details how to go about the above I would be extremely greatful.

Thanks in anticipation.