windows - Cannot create external switch on Hyper-V

I am getting the following error when creating an external switch on Hyper-V:

I am running Windows 8.1 x64.

My switch settings are as follows:

Event viewer gives me the following errors in Applications and Services Logs -> Microsoft -> Windows -> Hyper-V-VMMS in the order of logging:

1) Timed out trying to acquire network configuration lock, current owner = 'Binding Engine Task Queue Handler'.

2) Switch delete failed, switch = 'C8486DBE-CFB6-4355-99E3-19CD37C6D606': Operation times out (0x80041069).

3) Failed while removing virtual Ethernet switch.