There aren’t any balues on the resistors or capacitors, so it’s impossible to tell you how large the signals you see should be, but I’ll tell you in general terms what ought to be happening around TR12.
TR12 is a gain stage. The gain there is set by the ratio of the resistors R76 and R80. The idea is that the current through both resistors should be the same, so the voltages across them, from Ohm’s law, should be the product of the current through the resistor and the value of the resistor. E=IR. The capacitor C48 is used to increase the AC (signal) gain of the circuit by effectively reducing the AC resistance on the emitter. That resistance will change dependent on the frequency, but from my days as a circuit designer, the value of C48 should be quite high so as to minimize its reactive value and maximize the AC gain of the circuit.
I would compare the signals you see at the emitter and collector of TR12. The emitter should be just about nothing, the collector should have a pretty large signsl on it, out of phase with the base.
I would first try replacing C48, if you haven’t already.