Reaper Miniatures
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Dispel Magic would only suppress the magic for 1d4+1 rounds, and without GM fiat, you cannot Permanency a Dispel Magic.
GM Fiat would allow for such, however.
The Disenchanter from Misfit Monsters Redeemed.
If this is something the PCs want to do, a quest in which the beast could be hunted, captured, and then given the magic item in question.
If this si something the GM wants to do, have the party attacked by a Disenchanter.
By RAW there is nothing like that.
Why not just sell the +3 Flaming sword for 1/2 price and buy a new cheap masterwork longsword?
No, I'm serious, is there a reason that doesn't work?
Maybe they aren't in town. Maybe they are fighting fire giants, unexpectedly, and need to change the longsword to a +3 freezing longsword but don't have the money/time to make it a +3 freezing flaming longsword.
I plan to let my players "overwrite" enchantments, but there is no specific rule on the issue that I know of.
http://paizo.com/pathfinderRPG/prd/spells/mageSDisjunction.html#_mage-s-dis junction
Mage's Disjunction. 9th level Sor/Wiz spell. I don't think anything less then this will permanently remove magic, but Disjunction will get the job done.
Destroy the sword by sunder damage from a +3 or better weapon (or Shatterspike) and then cast Mending as long as you are less than 9th level.
Ah I had forgotten about that, but yes, that's pretty much the easiest way.
Mending: "Magic items that are destroyed (at 0 hit points or less) can be repaired with this spell, but this spell does not restore their magic abilities."
In other words it will be a truely mundane masterwork item again. The 9th level you mentioned is for object with the broken condition (meaning between 1 and half HP), but destroyed magic items require a Make Whole spell to retain their magic.
However it will really be a shame, and seems like a total waste.