That happened to my B7200 not long after I got it. It was a Florida transplant that the "transporter" couldn't get back in shape.
Anyway, the lift jamed UP, just like yours. I could get it restored to operation by jumping on the tool bar. Until it wouldn't budge.
Rusted hydraulic cylinder !
Seat off, Lift off, Looking right in on the bull gears and fluid.. Pissy green color.. Oh Well ;-)
Hammer out the piston (the push bar is free floating.)
Clean up the piston, the seal and the supporting ring. Then hone out the cylinder bore enough to clean up the rust. It was not deeply pitted anywhere. Rinse out the debris with Brake Cleaner, Grease it all good on assembly.
PRESTO works as well as the day it was made.