You should have no problem upgrading from v7.1.2 to v7.4.2. Just make sure you back everything up and follow the standard upgrade process. If you were on a v7.0.x version you would have some issues.
From the link below:
Version specific detail
https://confluence.atlassian.com/jirasoftware/jira-software-7-4-x-upgrade-notes-907283484.html
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Can you mark the answer as accepted.
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