As usual, Peter's answer is correct. However, I wanted to address the last part of the question regarding if lift would be lost, since I didn't see a direct answer to it in the other answers:
Yes, the aircraft will lose lift if you retract the flaps. The whole purpose of flaps is to increase lift at low airspeeds in order to allow the aircraft to takeoff and land with lower airspeeds than it would be able to use if it had no flaps. However, flaps also increase drag, which is why you retract them once the airspeed is high enough to not need them. During a landing, flaps will normally be set at or near their maximum extension, which allows the aircraft to fly quite a bit slower than it would otherwise be able to fly. If you suddenly retract the flaps while flying at final approach speed, you will lose a lot of lift and potentially even stall the aircraft. Needless to say, that's not good on final approach, especially if you're trying to go around.
Note that flaps increase both lift and drag at any (positive) airspeed, so retracting them will always result in less lift, but also less drag.