set column value based on if statement using two other columns in R

I have data that belongs in a data frame, I want to change N/A values in "col1" where "col2" has text. Any "col1" N/A values which have text in "col2" I would like to change the "col1" value to "<1 Year":

Data:

col1    | col2
<1 YEAR | abcdefg
1 YEAR  | xyz
N/A     | abcde
N/A     | abc
N/A     |

This is the code I have tried for the first part:

df = mutate(df, col1 = ifelse(is.na(col1) && nchar(col2)>1,"lol",col1))