Symptom
After updating the Kontakt Factory Library to version 1.4.0 or the Kontakt Factory Selection to 1.2.0 and trying to load specific presets in Kontakt 7, you receive this error message:
Your version of Kontakt is too old to load this file.
Cause
Kontakt 8 introduces several new content formats that offer smart features, like the Chords and Phrases Tools.
A selection of Tool + Instrument presets are included in the 1.4.0 update of the Kontakt Factory Library and in the 1.2.0 update of the Kontakt Factory Selection.
These presets are shown in the Kontakt 7 browser, but cannot be loaded and will result in the error message above.
Solution
A forthcoming Kontakt 7 update will prevent incompatible presets that contain Tools from being displayed in Kontakt 7's browser. Once released you will find the update in Native Access. Thank you for your patience!