LR dependents queries

[ilr_10y]

Hi all

Need a few clarifications please

Myself and the dependents have following situation.
Myself - tier 2 ict visa valid until Sep 2020
Eligible to apply for ILR Long Residence in Oct 2019
My wife - tier 2 ict dependent with valid visa until Sep 2020, first entered UK in Aug 2010
2 children both born in UK and on tier 2 ict dependent visa valid until Sep 2020.


As I understand I should be able to proceed as below without any issues?

1 Apply for my ILR in Oct 2019 and switch my wife to FLR(M)
2 Wait for my ILR to arrive and apply for British Passports for kids (their current visa will be valid but they won't be able to travel out of UK until they get the passport)
3 in Aug 2020 my wife applies for ILR long Residence

Is my understanding correct on a valid route?
Is that the cheapest way for me to go? Or me waiting til aug 2020 and applying the ILR along with my wife is cheaper? But my children will have to apply for FLR(M) at the time in order to have a valid leave to stay?

[zimba]

Looks good to me