When you pick open a chest, you will receive the lock in your inventory (not the key) and the chest will be unlocked. When you pick open a house door, the lock stays attached to the door, but the house will be open for 10 minutes [[Time of Wurm|Wurm time]].
Failing to pick a lock will either result either in damaging the lockpick or breaking it. Lockpicking skill and quality of the lockpick effect this.
The success rate of lockpicking is effected by the quality of the lockpick, the lockpicking skill and for a minor degree it's parent skill [[thievery]].