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-How do I ensure that my new URL (mysite.com) takes over the SE rankings that the old URL (mysite.freehost.com) had?
-Also, what about the existing backlinks? Do these have to be updated too?
- Are the procedures different for Yahoo, Google and MSN?
and, you have a free web host that allows you to use .htaccess files? that is a suprise
depending on the site it might be a good idea to do a "this site has moved" page with a link to the new URL, and to only send the 301 for the search engines (just to inform users) - but that does depend on what type of site it is, in a lot of cases a 301 is best with a notice on the new URL's home page for a few weeks mentioning the new URL