What is the history on this? Has it ever worked properly since you owned it? If so, did it gradually get to this point or was it a gradual thing? If it runs under load, then chances are that the clutch is fried and that in turn usually wears out the brake. The clutch is accessed at split between engine and clutch housing. The brake is between clutch housing and transmission housing. Before splitting, I would check clutch and brake pressures to be sure the valve is working properly.