Ver.1 and Ver.2 are two separate products and cannot be upgraded by inheriting settings and data.
Ver.1 templates can be used in Ver.2. There is no change in layout specifications, but please check all current template patterns in the Sandbox before switching.
It is not possible to change the contract from Ver.1 to Ver.2. You will need to purchase and cancel your subscription for each.
For switching from Ver.1 to Ver.2, refer to the following.