YES
1) You can be VFR above cloud, no matter what some people here say. To those I say - recheck your facts regarding VMC minima. (Human Factors link is excellent for this).
2) You are clear of cloud and in sight of the surface, so are not breaching your licence conditions (I'm assuming UK PPL here).
I would even go so far as to say you woud be legal above SCT cloud (3 & 4 Oktas). Anything above that and it becomes a judgement call - you may be in sight of the surface, but how long will you stay that way if the holes fill in, or will you be able to comply with minima when you descend through a hole which is getting smaller.