I think that the answer lies in two springs, one large one small and delicate, that control the gadget that balances the engine speed to inlet vacuum, preventing the engine from running away with itself ince the throttle is effectively an on/off switch.
On my partner's machine, which she has had a goodly length of time, I found that the small spring, which looks as if it's wound from 1 amp fusewire, had sheered, and the bigger main spring isn't quite up to the task of accurate control.
Not sure where you'll find these springs on your machine, but on a British Hunter mower I had to remove the airfilter (give it a good clean while you're at it!), and underneath on the side nearest the engine block is the largish spring and this diminutive little sucker, both attached to what looks like a throttle linkage. Check the small spring hasn't become detached. If it has, you may need to re-bend the hooked end and re-attach it to the slot in the linkage, which is the only place it will go without tensioning it, and slip the looped end over the circular post (which looks like a really tiny ringbolt or curtain wire support). If you do have to reprofile the end of the little spring you may find the mower runs a bit fast, but not enough to be life threatening. Both springs should be untensioned at start up
I hope that all makes sense. It should when you have a poke around the engine/airfilter area and find the twin springs/linkage. If the engine hunts, ie won't find a constant running speed, you'll see the linkage moving back and forth, alternately stretching and releasing the tension in the springs. Those are the springs you need to take a look at.
There you go. Saved you some cash if it works, since my local agent charges about 50 quid (about $85) to sort out this sort of thing.
Dunk
Dunk
September 2004