I would try installing 7.0 first, "converting" my memories to 7.0 format and then installing 7.1 (after having uninstalled 7.0, as it is required in order for 7.1 to install properly).
I have installed it successfully on both my PC and laptop, and everything works smoothly.
Best of luck!
Thanks for your suggestions. The 7.1 installation was a 'clean installation' and I was using a new TM.