Dark wood old English cottage suite - how to update?

I have a 3 piece dark wood old English cottage suite which I’d like to update so it looks a bit more modern. The dark wood frame for a 3-seater sofa and the two single chairs is like a mahogany stained colour and most of the other wood in the house is a beech shade.

I do like the French antique furniture style and wonder if I could strip the wood right down then perhaps cover the seat pads and backs in a lighter fabric than the red velour (yuck!) that is currently on it. I’m also wondering if the wood would look ok painted white.

I’d like to have a go at doing this myself if possible. It was my grandma’s furniture so is of real sentimental value.

All advice welcomed!