I have got this function:

<?php next_posts_link( __( '<span class="meta-nav">&larr;</span> Older posts') ); ?>

It produces a hyperlink if you will find older posts. How do you make a move around the condition that you will find no older posts? Anything I actually do that utilizes this function only appears to echo the hyperlink.

Simply give a get_ towards the function :)

<?php 
if (get_next_posts_link()) {}
?>