First, welcome to GJ - I see from this
www.tractordata.com
That your model was made from 2003 - 2007 - so it's at least 16 years old -
The next test I would do is hang an implement on the hitch, rev it up til you can lift it, then turn off the tractor. If my thinking is correct, when you shut it off (the tractor, NOT the lift) that there's a good chance the lift will drop in less than a minute. If so, you'll probably need to find (at least) a replacement seal ring for the (internal) 3ph lift cylinder.
If you don't already have a SERVICE manual you'll probably want one (unless you're filthy rich) it's painful enough to pay today's prices for parts, WITHOUT also paying even MORE for labor - good luck... Steve
PCustoms beat me to this, but leave out the "U" ( I'm also a member over there)
Tractorbynet.com