Have you taken it apart and cleaned it yet?
Looks like a http://www.northernbrewer.com/chrome-faucet-brass-lever?utm_source=bing&utm_medium=cpc&utm_campaign=Product%20Listing%20Ads%20(ROI)(BSC)&utm_term=1100910249207&utm_content=All%20Products
Yes there is a Seal that can be replaced