Preheat the oven: preheat the oven to 180°C / 350-375°F / Gas Mark 4-5.
Lamb rack: use a knife and cutting board to prepare the rack of lamb by exposing the bones and removing most of the fat.
Fresh herbs: add the parsley, basil and garlic cloves to a food processor and blitz till finely chopped. Remove the lid once done and measure 1 cup of this mixture. Discard the excess.
Combine: add the chopped herb and garlic mixture to a small bowl and then add the panko breadcrumbs, dried thyme, dried oregano, salt and pepper. Stir to mix these together until consistently combined.
Brown lamb: place a large frying pan onto the stove top, turn the heat to high and add the olive oil. Once the oil is hot use kitchen tongs to place the rack of lamb into the pan meat side down. Brown this side for 2-3 minutes then use kitchen tongs to flip to the other side and brown this side also. Once done transfer the browned lamb to a paper towel lined chopping board.
Horseradish and herb mixture: grease a baking dish large enough to fit the tray with olive oil or cooking spray. Use a pastry brush to coat the underside (bone side) with the horseradish cream then spoon some of the herb mixture onto the layer of horseradish and push to gently make this 'stick'. Then flip the rack to the other side and repeat the process by covering this side with horseradish and the remaining herb mixture.
Oven bake: place the herb crusted rack of lamb (uncovered) into the oven on the middle shelf. Let it bake for 35-40 mins. Then use oven mitts to remove the baking dish and set on heatproof surface. Stop here for medium rare lamb or cover the baking dish with a layer aluminium foil and let the lamb cook for a further 5-10 minutes (covered).
To serve: once the lamb has cooked to your liking, use oven mitts to remove the baking tray and place it onto a heatproof surface. Let it rest for 5 - 10 minutes before plating and serving.