This is a favourite local bimble for me. I subscribe to the keep-quiet-and-enjoy-the-view philosophy, and I don't have a transponder. If you feel the need, dial 120.225 and set 0011 listening squawk as suggested above.
Do be aware that Lee on Solent airfield has no ATZ but can get busy at times, and the runway approach / climb out is over the Solent towards the IOW; also that not everyone obeys the rules and does this trip anti-clockwise off the coast! Keep a good lookout, and enjoy the trip.
Slip
PS: off the track a little perhaps, but passengers often find Portsmouth Harbour, the Naval Base (HMSs Victory & Warrior) and the Spinnaker Tower quite impressive from the air, as a prelude to the IoW tour.