4 weeks ago I drove my 500 into the garage and removed the steering rack so I could convert to steering rack. It has a 650cc engine so this is kind of 126 related!
Last week I assembled everything and took it out for a run to check the steering.
What started off as a rough idle progressed into a big loss of power further up the rev range. Within 5 minutes of setting off I couldn’t get the car past 30mph. It was kangarooing every time I tried to pick up speed after a junction or a roundabout.
I have spares kicking around so I replaced:
Distributor – No change
Coil – No change
Fuel filter – No change
Fuel pump - No change
Carb - No change
Plug leads - No change
Plugs - No change
A friend came to have a look at the weekend he thought it was the carb. There was fuel build up around the manifold, so we stripped, cleaned and re-assembled both carbs. Floats were operating ok and everything looked fine.
Re-fitted the carb – No change.
I was starting to suspect there might be a burnt valve or something more serious so I took the engine out and replaced it with a spare one. At 10pm on Sunday night I got the car started and –No Change!
I was slightly disheartened by this point! So I took some time to look through some 500 and 126 forums to see if there was any advice on the symptoms . I found some suggestions that the floats are prone to cracks and splits so I took one of the carbs apart and tested it:

That's not a float, that's a sunk!
I took the float out of the other carb and tested it – same again! 2 perforated floats, one was working fine when I put the car in the garage, the second was working fine last year! I took a float from a 26 IMB carb which floated nicely, put it back in the car and hey presto!
I have ordered a new float and will repair the other two.