Lorcan Mulvey's injury-time goal snatched a share of the spoils for London in a thrilling basement battle at Ruislip.
The Cavan native fisted Mark Gottsche's high ball to the net from the final play of the game as the Exiles deservedly picked up their first point of the season. London played into a swirling breeze during the first half and got off to a positive start, kicking three quick-fire points before Alan O'Hara diverted Padraig McGoldrick's shot into the net on 18 minutes.
McGoldrick grabbed the hosts' second maximum late in the half but Waterford replied with two points. A crazy scoring sequence early in the second half saw the sides share four goals in five minutes. London were then awarded a penalty on 37 minutes after McGoldrick was fouled, and Mulvey buried the spot-kick to put Paul Coggins' men back in front for the fourth time.
Hurney hit Waterford's next five points but Mulvey denied them with his third goal.
Man of the Match: Lorcan Mulvey
Scorers - London: L Mulvey 3-0 (1-0pen), A O'Hara 1-4 (4f), P McGoldrick 1-0, B Smith, M Gottsche 0-1 each. Waterford: P Hurney 1-8 (6f), J Veale 1-2 (1 s/l), M Ferncombe 0-3, M O'Halloran, JJ Hutchinson 0-1 each.
London - D Traynor 6; D McGreevy 7, P Butler 7, P Galvin 6; M Carroll 7, T Gaughan 8, D McCarthy 7; C Og Greene 6, S Curran 7; P McGoldrick 7, M Gottsche 6, S Conroy 7; A O'Hara 8, L Mulvey 8, B Smith 6. Subs: P O'Shea 6 for Greene (45), C Carty 6 for Conroy (52), S Finn 6 for Smith (55), A Moyles 6 for O'Hara (55), S Buckley 6 for McGoldrick (61), S Devine 6 for McCarthy (64).
Waterford - S Barron 5; D Crowley 6, M O'Gorman 6, T O hUallachain 6; R O Ceallaigh 7, T O'Gorman 7, S Prendergast 6; S Briggs 7, T Prendergast 7; JJ Hutchinson 6, M Curry 5, P Hurney 8; D Grey 5, M Ferncombe 7, J Veale 7. Subs: M O'Halloran 7 for Curry (18), C Phelan 7 for Grey (h-t), L O Lionain 6 for Hutchinson (52).
Ref- N Mooney (Cavan)