Flaking lead paint is not something you want in your house. It is toxic and can seriously harm you or your family. Old radiators were at one point painted with lead paint. If you have this heating system and the paint is starting to peal off from wear, then it is best that you remove the paint as soon as possible for your family's health. This is not a an easy task and will require you to be careful not to contaminate the house.
Remove or cover furniture or other objects near the radiator.
Rub on a non-methylene chloride stripper with a rag. Replace rags as they get clogged with paint. This type of stripper is not as toxic in the air and doesn't require as much ventilation. Work in small areas until it is all removed.
Wipe down with a damp rag as you remove the paint.
Wash entire paint stripped area once the job is complete. Wash down any exposed surface near by as well. Vacuum up around the area to remove flakes that might have fallen during the stripping process. Make sure the vacuum has a HEPA filter, or do not use it.
Wear a face mask to avoid breathing in chemicals or lead particles while stripping the lead paint. Also wear gloves to protect your skin.