Inside the web.config file in the Views folder there is the host element under system.web.webPages.razor
This should be as follows for an MVC3 project:
<host factoryType="System.Web.Mvc.MvcWebRazorHostFactory, System.Web.Mvc, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />
While for MVC4 it is:
<host factoryType="System.Web.Mvc.MvcWebRazorHostFactory, System.Web.Mvc, Version=4.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />
You also need to check the pages element is as follows for MVC3
<pages
validateRequest="false"
pageParserFilterType="System.Web.Mvc.ViewTypeParserFilter, System.Web.Mvc, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35"
pageBaseType="System.Web.Mvc.ViewPage, System.Web.Mvc, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35"
userControlBaseType="System.Web.Mvc.ViewUserControl, System.Web.Mvc, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35">
<controls>
<add assembly="System.Web.Mvc, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" namespace="System.Web.Mvc" tagPrefix="mvc" />
</controls>
</pages>
and the sectionGroup element:
<sectionGroup name="system.web.webPages.razor" type="System.Web.WebPages.Razor.Configuration.RazorWebSectionGroup, System.Web.WebPages.Razor, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35">
<section name="host" type="System.Web.WebPages.Razor.Configuration.HostSection, System.Web.WebPages.Razor, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" requirePermission="false" />
<section name="pages" type="System.Web.WebPages.Razor.Configuration.RazorPagesSection, System.Web.WebPages.Razor, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" requirePermission="false" />
</sectionGroup>
In the main web.config in the root directory of the project you need to make sure that the assemblies element is as follows:
<assemblies>
<add assembly="System.Web.Abstractions, Version=4.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />
<add assembly="System.Web.Helpers, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />
<add assembly="System.Web.Routing, Version=4.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />
<add assembly="System.Web.Mvc, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />
<add assembly="System.Web.WebPages, Version=1.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />
</assemblies>
There are more changes to make - best bet is to look at the web.config files for an MVC3 project and an MVC4 project and remove the stuff that shouldn't be there in yours.