Turntable rookie

I recently purchased a second hand Rega P3, less than two years old. Everything seems great, aside from the tonearm lever. When I lift the arm via the tonearm lever there is a sufficient amount of space when I lower it on to the beginning of the record. The problem is when I raise the lever at the end of the record there is significantly less space and depending on the LP there is none. Is there anything I can to to correct this problem? Am I doing something else wrong?