Advice on Lyc. cochleata Potting Mix

[D&S Mabel]

I recently inherited a Lycaste cochleata. I've never had an Lyc. before -



It appears to me to be in need of having its potting mix refreshed but, besides some coconut chunks and some Leca, I don't see anything else in there. The wooden basket looks fairly weathered so I have to assume if anything else was in the mix, it's long since rotted away.

Can anyone offer any tips on potting mix and/or advice on how to pot it? Do I need a large basket??

Thanks!