Windows 8.1 File Explorer Application Hang

Problem
I recently had a lot of trouble with File Explorer hanging on my personal computer running Windows 8.1. It's important to note that this isn't Internet Explorer. This was happening when I attempted to access a local network location where I store videos. To clarify this solution doesn't apply to external location such as OneDrive or Google Drive, but could apply to external hard drives and Network Attached Storage.

There was an event with the following details (Event Viewer -> Windows Logs -> Application):
Searching this issue didn't throw up any useful information, just a lot of links to potentially dangerous "repair" programs. After some testing I finally discovered a fix which I hope will save people time and effort.

Solution
There are two potential fixes for this problem. The first is to reinstall the operating system, which is a pain in the posterior.

The second is to replace the corrupted file, in my case this was mfmp4srcsnk.dll; however the event should point you to the correct file. I did this by finding the file on another installation of 8.1. The trick is setting the permissions on the file correctly; here are the steps I used:-

1. On the corrupt file, open the Advanced settings in the security tab. You need to take ownership of the file to adjust the permissions
2. Once you have ownership, grant the administrators full control of the file. I suggest appending .old to the end of the original file in case recovery is required
3. At this point copy the uncorrupted file to the correct folder
4. Open the security tab of the uncorrupted file and add “NT Service\TrustedInstaller” and grant all rights to it
5. Give all other objects “Read & Execute” and “Read” rights. Restore the Trusted Installer as the file owner
6. Reboot your computer
7. Your problem should be resolved!

I hope this is helpful to you gentle reader, and that you don’t have to go through the pains that I did.