Hi,
You will face any issue because SEP 11.x is basically just a "paper" license product. However, with SEP 12.1 the licensing is a "software" license product and uses a license file.
Can I install SEPM 11, and use the version 12 license? Alternatively, is there a grace period where I can use the expired V11 license
---> SEP 11.x won't required license to activate the product, install SEP 11.x then upgrade to SEP 12.1. After successfully upgrade use license to activate product because SEP 12.1 is software license product.
Go through following article for more details: